In 2026, the Development Bank of Kazakhstan began financing the construction of a solar power plant park with a total capacity of 70 MW in the Kyzylorda Region. The project is being implemented by VIGOR Holding, whose largest shareholder is Dinara Uldanova, a top manager linked to structures associated with Kazakh billionaire Vladimir Kim, according to infohub.kz.
According to the DBK, the project has already been approved and its financing began in 2026. The project cost is estimated at 148.9 million Chinese yuan, or about 9.46 billion tenge. Of that amount, 104.1 million yuan (approximately 6.61 billion tenge), or 70% of the declared cost, was provided by the Development Bank of Kazakhstan.
The funds are being allocated for a term of up to 15 years. The interest rate is floating: 5Y LPR (China's benchmark rate) plus a fixed margin of 4.16 percentage points.
Uldanova's name appears in the corporate documents of companies within the Kazakhmys structure. In particular, it is included in the lists of affiliates of Kazakhmys Copper and Bank RBK for 2025.
It is worth noting that 65-year-old billionaire Vladimir Kim owns 70% of Kazakhmys Holding Limited, while Eduard Ogai controls the remaining 30%.
In addition, according to Adata, Uldanova is linked to the group's energy business as head of KCC Power Provider. In VIGOR Holding itself, she holds the largest stake, 50%. Aitugan Zhaksymbay and Moldir Zhakanova each hold 25%.
Zhaksymbay previously held a senior position at Kazyna Capital Management. In affiliate documents, he was listed as deputy chairman of the company's management board and a member of the board. He was also listed as deputy chairman of the management board of Baiterek Venture Fund.
Zhakanova also worked in the investment structure of the Baiterek group. In affiliate documents, she was listed as deputy chairman of the management board of Qazaqstan Investment Corporation.
Thus, two of the three ultimate beneficiaries of VIGOR Holding have experience in senior roles at investment structures within the Baiterek group.
VIGOR Holding is engaged in solar energy. In addition to the 70 MW project, the company has reported the implementation of a 20 MW solar power plant in the village of Shieli in the Kyzylorda Region.
Vladimir Kim is one of Kazakhstan's richest entrepreneurs, whose fortune is primarily linked to the mining industry and finance.
According to the latest Forbes Kazakhstan ranking, "75 Richest Businessmen of Kazakhstan – 2026," his fortune is estimated at $5.9 billion. Over the year, it grew by $200 million: in 2025, the estimate was $5.7 billion. As a result, Kim rose from third to second place among Kazakhstan's richest businessmen. First place is held by Vyacheslav Kim with $7.8 billion.
In Forbes' global list of billionaires for 2026, Vladimir Kim ranked 712th with the same $5.9 billion. The figure changes in real time: as of September 9, Forbes also estimated his wealth at $5.9 billion but ranked him 705th in the world.