Kazakhstan Development Bank approves KZT 55 billion for solar power plants for Kazatomprom and KEGOC

Among the owners of the borrower are Kyrgyz entrepreneur Ulan Dzhaparov and Samruk-Energo, writes Kursiv.media.

The essence in brief

• DBK approved a loan of 814 million yuan for a term of up to 15 years; the financing is to be provided in 2026.
• The total project cost is 1.2 billion yuan, about 80.4 billion tenge.
• The first phase includes a 60 MW station for Kazatomprom and a 185 MW station for KEGOC.
• The rate is floating: China's five-year loan prime rate (3.5% per annum) plus 1.57 percentage points.

What the bank approved

The borrower is Altyn Dala Energy Ltd., a company registered in the Astana International Financial Centre (AIFC). The bank is providing 814 million yuan, which at the exchange rate corresponds to approximately 54.5 billion tenge. The total cost of the first phase is 1.2 billion yuan, about 80.4 billion tenge. The loan term is up to 15 years.

The rate is tied to China's five-year loan prime rate, which currently stands at 3.5% per annum, with a markup of 1.57 percentage points added. This means the final rate will change along with the Chinese rate, and at the time of approval it is about 5.1%.

What stations will be built

The project is called "Implementation of the first phase of the 1 GW renewable energy project." The first phase includes two facilities: a solar station with a capacity of 60 MW for Kazatomprom and a station with a capacity of 185 MW for KEGOC, the operator of the national power system. Together they provide 245 MW, that is, less than a quarter of the declared gigawatt. The published materials do not explain through which facilities and within what timeframe the remaining capacity will be reached.

Who owns the project

The beneficiaries of the loan are named as Kyrgyz entrepreneur Ulan Dzhaparov with a 75% stake and Samruk-Energo with a 25% stake. Altyn Dala Energy is owned by Qazaq Green Power, a subsidiary of Samruk-Energo, and Tumar Commerce. Tumar Commerce is controlled by Zhyldyz, which is owned by Dzhaparov and Kaganat Solar. Kaganat Solar is registered in Kyrgyzstan and carries out solar projects in Kazakhstan, Serbia, and South Africa.

The project's application for DBK financing appeared in the public list "Projects under consideration" back in September 2024; at that time it was at the stage of indicative analysis. The loan amount and terms were not disclosed then.

What this means for Kazakhstan

The stations are being built for two large customers: Kazatomprom and KEGOC, the operator of the national power system. The published materials do not say exactly how they will use the capacity or at what price they will receive energy. Samruk-Energo's participation in the project means that a state entity is also involved, not just a private investor.

Solar generation in the country still lags behind wind. According to the Ministry of Energy, in 2026 seven of the ten planned renewable energy facilities were commissioned with a total capacity of 212 MW, of which three solar stations provided about 62.6 MW, while the rest came mainly from wind. A broader energy development plan is tied to investment agreements: currently 24 agreements with a total capacity of 3.8 GW are being implemented, and by 2035 they plan to commission more than 8 GW of renewable energy capacity.

Author's conclusion

DBK's decision secures financing for the first phase, but this is only about a quarter of the declared gigawatt. How the remaining capacity will be implemented has not yet been disclosed.