ADQ and Taqa sign energy deal with Kazakhstan's wealth fund
Abu Dhabi’s holding company ADQ and energy company Taqa signed a long-term agreement with Samruk-Kazyna, the sovereign wealth fund of Kazakhstan, that will lead to investment of up to $6 billion in energy projects in the central Asian country.
The entities will create a holding company that will oversee and manage any acquired assets, the companies said in a statement released by Abu Dhabi Media Office on Wednesday evening.
ADQ, Taqa and Samruk-Kazyna will explore three greenfield power projects in Kazakhstan, including a two-gigawatt solar photovoltaic (PV) power plant, a 2 gigawatt wind power plant and a 1 gigawatt combine-cycle gas-fired power plant.
ADQ and Taqa would jointly hold a 51 per cent stake in each project with Samruk-Kazyna keeping the remaining interest. Meanwhile, Taqa would also be involved in the operations and maintenance of all three projects.
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