Credit Agreements Signed in Beijing with Participation of Qazaqstan Investment Corporation JSC for One of Kazakhstan’s Largest Energy Projects

On May 13, 2026, Aktau Energy Company LLP signed credit agreements with a syndicate of Chinese banks in Beijing as part of the project for the construction of a 160 MW combined-cycle gas turbine power plant in Aktau.

The financing is being provided by the China Development Bank, the Industrial and Commercial Bank of China, and ICBC Almaty. The attracted debt financing will cover up to 70% of the total project cost.

The total project cost amounts to RMB 1.5 billion, or approximately KZT 125.6 billion. Of this amount, RMB 1.05 billion (KZT 87.9 billion) will be financed through bank loans, while the remaining RMB 450 million (KZT 37.7 billion) will be contributed by the shareholders of Aktau Energy Company LLP through equity participation.

The project is being implemented with the participation of China Huadian Corporation, one of China’s largest state-owned energy corporations, acting as the strategic investor. The Kazakh side is represented by Kokzhiyek Fund LP, a private equity fund managed by Qazaqstan Investment Capital Management Ltd., which operates within the structure of Qazaqstan Investment Corporation JSC, a subsidiary of Baiterek National Investment Holding JSC.

The construction of the combined-cycle gas turbine plant is aimed at addressing the electricity capacity deficit in the Mangystau region, ensuring stable energy supply, and strengthening the reliability of Kazakhstan’s western power grid.

The project is based on modern combined-cycle gas turbine technology, which provides higher energy efficiency and lower emissions compared to conventional power generation. Commissioning of the facility is scheduled for the second half of 2027.

The signing of the credit agreements marks another important milestone in the implementation of the project, which has been consistently progressing through key investment stages. Earlier, the project participants signed a joint implementation agreement, while in March 2026 the Ministry of Energy of the Republic of Kazakhstan and Huadian Kazakhstan Energy Ltd. entered into an investment agreement providing state support measures for the project.

The project is expected not only to reduce pressure on the region’s existing energy infrastructure, but also to become one of the largest recent examples of international capital attraction into Kazakhstan’s energy sector.

The project also предусматривает creation of new jobs, transfer of technological expertise, and implementation of advanced energy solutions in Kazakhstan.

For reference:

Qazaqstan Investment Corporation JSC is a fund of private equity funds established in 2007. Its main mission is to promote sustainable economic growth in Kazakhstan by raising private equity and supporting projects that contribute to the modernization and competitiveness of key industries. It is a subsidiary of Baiterek NIH JSC. Additional information can be found at https://qic.kz/.

Qazaqstan Investment Capital Management Ltd. private company is a subsidiary of Qazaqstan Investment Corporation JSC, a private equity fund management company established in 2025 that finances large, capital-intensive projects of small and medium-sized businesses.

China Huadian Corporation Ltd. (CHD) is a Chinese state-owned corporation and one of China's five national power producers. It acts as a strategic investor with a 51%–100% stake in projects. Due to its high rating (A2, A, and A-) and reputation, it attracts financing on the best terms on the market and implements optimal solutions to reduce project costs.