Kazakhstan’s wind farm with Chinese majority ownership reports profit

Energiya Semirechya, the company operating the Shelek-1 wind farm in the Almaty region, posted a net profit for the first time since it began operations. In 2025, it earned 2.22 billion tenge (around $4.76 million), compared with a loss of 3.28 billion tenge ($7.04 million) a year earlier.

According to the audited financial statements, the company’s revenue increased to 6.43 billion tenge from 6.28 billion tenge in 2024. Gross profit rose from 3.87 billion tenge to 4.09 billion tenge.

The main contributor to the improvement in the financial result was the foreign exchange rate difference. In 2024, the company reported a loss of 4.09 billion tenge from foreign currency revaluation, whereas in 2025, this item generated income of 1.05 billion tenge.

Profit before tax amounted to 2.55 billion tenge, compared with a loss of 3.28 billion tenge a year earlier. After paying corporate income tax, the company posted net profit of 2.22 billion tenge.

At the same time, the company’s financial expenses remain significant. In 2025, they amounted to 1.97 billion tenge, down from 2.05 billion tenge a year earlier.

Previously, Kursiv.media reported that Energiya Semirechya posted a loss of 3.28 billion tenge in 2024. For the three years following the launch of the wind farm, the company remained unprofitable. Foreign exchange-related expenses were also the main reason for the losses during that period.

As of the end of 2025, 75% of the company was owned by two subsidiaries of China’s Power Construction Corporation of China Limited. The remaining 25% was held by Qazaq Green Power PLC, which is part of state-owned Samruk-Energy.

The Shelek-1 wind farm has an installed capacity of 60 megawatts and is located in the Yenbekshikazakh district of the Almaty region, in the so-called Shelek corridor. The project cost 37.4 billion tenge and includes 24 wind turbines, each with a rated capacity of 2.5 megawatts.