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Chevron Will Invest In Kazakhstan Wind Power Project

Posted By Timon Singh On April 14, 2011 @ 5:00 pm In Renewable Energy | No Comments

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Chevron [1] and Kazakhstan – two names you wouldn’t expect to see in a renewable energy story, but it seems the oil giant is making a change. According to Reuters [2], Chevron Corp is planning to invest in a wind power project based in Kazakhstan.

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Image: centralasian [3]

The annoucement came from the Kazakh presidential administration, who quoted visiting Chevron Chief Executive John Watson: “Chevron will invest in the construction of a wind farm and will contribute its share to the development of renewable energy sources in Kazakhstan.”

While all other details about the project are confidential, it marks a major change in policy of Kazakhstan which holds about 3 percent of the world’s recoverable oil reserves. It is the second largest crude producer after Russia, but after the re-election of President Nursultan Nazarbayev it seems that the times are a-changing.

It is because of these oil reserves that renewable energy projects are relatively rare in the country. Now, in addition to the wind project, there are also plans for a nuclear fuel cycle. It seems Kazakhstan also has the world’s second-largest uranium reserves.

Wind energy might be taking off, because as well as Chevron, another consortium involving private equity company Visor Capital [4]and the Turkish subsidiary of Italy’s Relight Group [5] are now exploring a $1 billion investment in two wind farms in the Zhambyl region.

If oil rich countries like Kazakhstan and Saudi Arabia are making such changes [6], hopefully it’s only a matter of time before the rest of the world kicks its oil addiction.

+ Chevron Corp. [1]

via Reuters [2]

Lead image: Jonathan Mcintosh [7]


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URL to article: http://inhabitat.com/chevron-will-invest-in-kazakhstan-wind-power-project/

URLs in this post:

[1] Chevron: http://www.chevron.com/

[2] Reuters: http://www.reuters.com/article/2011/04/14/us-kazakhstan-chevron-idUSTRE73D3WO20110414

[3] centralasian: http://www.flickr.com/photos/centralasian/

[4] Visor Capital : http://www.visocap.com

[5] Relight Group: http://www.relightenergie.it/page.php?ID=16&lan=en

[6] Saudi Arabia are making such changes: http://inhabitat.com/doe-funds-to-make-nevada-the-saudi-arabia-of-geothermal-energy/

[7] Jonathan Mcintosh: http://www.flickr.com/photos/jonathanmcintosh/

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