Masdar and Samruk-Kazyna, the sovereign wealth fund of the Republic of Kazakhstan, have signed a strategic agreement to explore renewable energy opportunities in Kazakhstan and support the country’s clean-energy objectives.

The 2 companies signed a MoU to explore the joint development of renewable energy projects, and the potential establishment of a joint venture. Fawaz Al Muharrami, Acting Executive Director of Masdar Clean Energy, and Yerzhan Tutkushev, Managing Director for logistics and international cooperation, Member of Management Board of Samruk-Kazyna, signed the agreement on Thursday at a ceremony held at Emirates Palace Hotel in Abu Dhabi in the presence of Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar, and Akhmetzhan Yessimov, CEO of Samruk-Kazyna.

“As a global leader of renewable energy projects, active in more than 30 countries over the world, Masdar is well positioned to help the Republic of Kazakhstan to achieve its clean energy objectives,” said Mohamed Jameel Al Ramahi, CEO of Masdar. “We look forward in collaborating with Samruk-Kazyna on developing of renewable energy projects in our country. We also welcome the opportunity to extend our presence in the Central Asia, which we see as an area of strategic importance for us.”

“Samruk-Kazyna JSC is going through the process of transformation into an investment holding. We are striving towards Mubadala’s operational model. This also applies to international investments,” said CEO of Samruk-Kazyna, Akhmetzhan Yessimov.

Samruk-Kazyna has a portfolio of enterprises across the industries, including companies in the electric power generation and distribution sectors. The government of Kazakhstan has committed to increase the share of renewable energy in domestic electricity generation to 10% by the year 2030 and 50% by the year 2050.