The Development Bank of Kazakhstan has approved financing for the first phase of a 1 GW renewable energy project in the Shieli district of the Turkestan region. A loan of 814 million Chinese yuan will go to entities linked to Kyrgyz businessman Ulan Dzhaparov and Samruk-Energo, infohub.kz reports.
The first phase covers two facilities: a 60 MW solar power plant for the needs of NAC Kazatomprom and a 185 MW solar station for KEGOC.
The project is being implemented by Altyn Dala Energy Ltd. The beneficiaries of the loan are Kyrgyz investor Ulan Dzhaparov with a 75% stake and Samruk-Energo with 25%. Financing for the power plant project is to be allocated in 2026.
The total cost of the project is 1.2 billion Chinese yuan (about 80.38 billion tenge). Of that sum, the DBK will provide 814 million yuan, or about 54.51 billion tenge. The funds are being extended for up to 15 years at a floating rate tied to China's five-year loan prime rate (3.5% per annum), plus a margin of 1.57 percentage points.
Altyn Dala Energy Ltd is registered in the AIFC and is owned by Qazaq Green Power (a subsidiary of Samruk-Energo) and Tumar Commerce. The latter is owned by Zhyldyz, which in turn is owned by Ulan Dzhaparov and Kaganat Solar. Kaganat Solar is registered in Kyrgyzstan. Its owner and director is also Ulan Dzhaparov, an entrepreneur and former senior executive at several mining companies in Kyrgyzstan.
Kaganat Solar carries out medium- and large-scale solar power plant projects in Asia, Southeast and Central Europe, the Middle East and CIS countries. It currently has projects in Kazakhstan, Serbia and South Africa.
Earlier, Caspian Solar, owned by Ulan Dzhaparov, listed debt securities worth 625 million yuan (42 billion tenge) on the AIX exchange in the AIFC. The proceeds will go toward financing a solar power plant in South Africa.