Both ADQ Holdings and TAQA will own a 51 percent stake in each project The UAE will invest up to $6 billion in Kazakhstan"s energy sector, it has been announced. The Abu Dhabi Developmental Holding Company — known as ADQ — and the Abu Dhabi National Energy Company — known as TAQA — have entered into an agreement with the Central Asian country’s sovereign wealth fund, Samruk-Kazyna, ADQ published on their website. ADQ Holdings, TAQA and Samruk-Kazyna will explore three new power generation projects in Kazakhstan, including a 2 gigawatt photovoltaic power plant, a 2 GW wind farm, and a 1 GW combined cycle gas power plant. Both ADQ Holdings and TAQA will own a 51 percent stake in each project, while Samruk-Kazyna will retain the remaining stake. Mohamed Al-Suwaidi, CEO of ADQ and Chairman of TAQA Group said: “As one of the region’s largest investment companies and with Abu Dhabi’s largest portfolio of energy and utilities investments, we actively seek new investment opportunities where we can add value while contributing positively to the energy ecosystem. “ADQ, together with our portfolio company, TAQA, is proud to work alongside Samruk-Kazyna to bring our sector expertise to Kazakhstan with these world-class projects that will further enhance Abu Dhabi’s global position as a major energy player.” “TAQA brings value to these projects with its strong track record and expertise in utility-scale power plants in clean solar PV and wind technologies, as well as our expertise in the highly efficient gas-fired technology in our existing fleet,” said Jasim Thabet, TAQA’s Group Chief Executive Officer and Managing Director. He added that TAQA has “made a promise to its shareholders that it will ambitiously grow its international generation capacity and increase the proportion of renewables in our portfolio.” Almasadam Satkaliyev, Chief Executive Officer of Samruk-Kazyna said: “This is a historic announcement that will see Samruk-Kazyna partnering with two established leaders in the energy sector to advance greenfield power projects in Kazakhstan. “Beside from developing the greenfield power projects the joint company will also work on modernization of the traditional electric power sector by shifting to the gas and green energy sources. We are delighted to be working with both ADQ and TAQA to build energy infrastructure that will power the nation and improve Kazakhstan’s energy self-sufficiency and leadership,” he added. ADQ Holdings, TAQA and Samruk-Kazyna will explore three new power generation projects in Kazakhstan, including a 2 gigawatt photovoltaic power plant, a 2 GW wind farm, and a 1 GW combined cycle gas power plant. Both ADQ Holdings and TAQA will own a 51 percent stake in each project, while Samruk-Kazyna will retain the remaining stake. TAQA will participate in the operations and maintenance of all three projects once they come online, according to a statement issued on Wednesday. The agreement was signed in the presence of the Prime Minister of the Republic of Kazakhstan Askar Mamin, and Suhail Al-Mazrouei, UAE’s minister of energy and infrastructure, by the CEOs of the three companies involved.