The National Welfare Fund Samruk-Kazyna has revealed that it has acquired 50% stakes in three new thermal power plants (TPPs) in Kokshetau, Semey and Ust-Kamenogorsk via joint ventures specially established in conjunction with Samruk Energy. Although Samruk-Kazyna has not disclosed the other owner of the projects, some media outlets have previously reported that it might be Russian Inter RAO Export.
«The registered capital of the new companies was set at 400,000 tenge ($835), with 200,000 tenge from each side ($417). There are no special terms in the foundation agreements,» stated the press service of Samruk-Kazyna.
The fund has not provided further details about the deal, including the value of Samruk-Energy stakes. Samruk-Kazyna announced that it obtained 50% shares in all three TPPs on June 24.
On November 9, 2023, the energy ministries of Kazakhstan and Russia signed a memorandum on the construction of these TPPs. At the time, the Energy Minister of Kazakhstan, Almasadam Satkaliyev, mentioned that Russian Inter RAO Export was ready to provide easy funding, technology and equipment to build all three TPPs. On December 26, 2023, Inter RAO Export and Samruk-Kazyna signed a cooperation agreement.
In mid-April, the Ministry of Energy stated that the construction of the first plant would start this year. The project is likely to start in Kokshetau as First Deputy Prime Minister Roman Sklyar identified this town as the location for the first power plant while commenting on the issue last year. The future power plant is expected to have an energy capacity of 240 megawatts and a thermal capacity of 520 gigacalories per hour. The total cost of the project is estimated at $500 million.
In January 2024, Managing Director for Economics and Finance of Samruk-Kazyna, Aidar Ryskulov, told Kursiv.media that the Unified Accumulative Pension Fund (UAPF) would allocate 30% of the funds necessary for the modernization of two units of Ekibastuz GRES-2 and the construction of a TPP, while the remaining 70% would be borrowed from a third-party company.
About 80% of the borrowed funds are expected to be provided by the Russian side. In addition to stakes in the new TPPs, Samruk-Kazyna also controls shares in KazMunayGas (67.42%), Kazatomprom (75%), Kazakhtelecom (100%), Samruk Energy, KEGOC and Kazpost, among others.
