Energia Semirechya, a company with predominantly Chinese ownership that operates the Shelek-1 wind farm in the Almaty region, southern Kazakhstan, reported a net loss of 3.28 billion tenge ($7 million) in 2024.
Losses widen despite growing revenue
The wind farm was launched in 2022, but the company has failed to turn a profit in the three years since operations began. Losses widened sharply year-on-year, rising 3.6 times from 899 million tenge in 2023 to 3.28 billion tenge in 2024. In its first year of operation, the company recorded a total loss of 6.8 billion tenge.
At the same time, Energia Semirechya’s revenue and gross profit have increased steadily. While the company posted a gross loss of 43.4 million tenge in 2022, gross profit turned positive and reached 3.9 billion tenge by the end of 2024.
Currency swings drive financial hit
Foreign exchange losses played a decisive role in the company’s bottom line. By the end of 2024, currency-related losses totaled 4.1 billion tenge, effectively wiping out gains from higher gross profit.
By contrast, exchange rate movements were recorded as income in 2023, contributing 541.8 million tenge to the company’s financial results.
Ownership structure
As of Dec. 31, 2024, Energia Semirechya was 75% owned by two subsidiaries of Power Construction Corporation of China Ltd., one of China’s largest engineering and construction companies. The remaining 25% stake is held by Qazaq Green Power PLC, which is fully controlled by state-owned Samruk-Energy.
Project details
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.
