The state company «Samruk-Energo» announced the transfer of the Ust-Kamenogorsk and Shulbinskaya hydroelectric power stations (HPP) to its subsidiary Qazaq Green Power PLC. As representatives of «Samruk-Energo» explained in response to a request from the Kapital.kz business information center, this decision was made with the aim of consolidating the assets of renewable energy sources (RES) and hydroelectric power plants within a separate legal structure specializing in the development of «green» energy.
The transfer of assets was carried out by increasing the authorized capital of Qazaq Green Power PLC through the sale of shares placed by it to its sole shareholder – «Samruk-Energy». As payment for the placed shares of Qazaq Green Power PLC, 100% shares of participation in Ust-Kamenogorsk HPP LLP «NPP» and Shulbinskaya HPP LLP «were transferred. Thus, «Samruk-Energo» retains control of these facilities through its subsidiary.
On February 25 «Samruk-Energo» notified the Kazakhstan Stock Exchange (KASE) of the termination of ownership of LLP «Shulbinskaya HPP NPP» and LLP «Ust-Kamenogorsk HPP NPP». The transactions were completed on February 21 and 20, respectively.
Let us recall that «Samruk-Energo» acquired both hydroelectric power stations in the spring of 2024 from the state holding «Samruk-Kazyna». The cost of LLP «NPP Shulbinskaya HPP» amounted to 36.2 billion tenge, and LLP «NPP Ust-Kamenogorsk HPP» — 23.5 billion tenge. The transactions were made at the market price. The purchase of the hydroelectric power station was carried out to pay for the shares being placed «Samruk-Energo» offered to «Samruk-Kazyna».
In April 2024 «Samruk-Energo» placed 375,500 common shares on KASE at 96,400 tenge per share and 260,000 shares at 90,400 tenge. The total volume of additional emissions amounted to 59.7 billion tenge. It was with these shares «Samruk-Energo» that she paid for the acquisition of 100% shares in the Shulbinskaya and Ust-Kamenogorsk hydroelectric power stations.
Earlier, in 2021, the government planned to sell up to 100% of state shares in both hydroelectric power stations to a consortium of investors from Abu Dhabi and Kazakhstan. The corresponding draft law was published on the website «Open NPA», but was withdrawn in 2022.
Shulbinskaya HPP, located 70 kilometers from Semey, is the third station of the Irtysh cascade and the largest in Kazakhstan in terms of installed capacity (702 MW). It was launched in 1987. Ust-Kamenogorsk hydroelectric power station – second stage of the Irtysh cascade, acting as a counter-regulator of the Bukhtarma hydroelectric power station. Commissioned in 1952. Its installed capacity is 367.8 MW, actual – 335 MW. Before the acquisition «by Samruk-Kazyna», these hydroelectric power stations were owned by the Ministry of Energy of the Republic of Kazakhstan.
JSC «Samruk-Energy» – the largest diversified electric power holding company included in the structure «Samruk-Kazyna». The company is engaged in the formation of an energy supply system.
Qazaq Green Power PLC, established in September 2022, is part of the «Samruk-Energy» structure and is a member of the International Financial Center «Astana». The main goals of the company are – modernization and construction of generating capacities, introduction of new technologies in the energy sector, increasing the efficiency of energy systems, implementation of investment projects, implementation of programs for reforming the electric power complex and implementation of energy-saving policies.
In April 2023, «Samruk-Energo» reported plans to bring Qazaq Green Power PLC to an IPO in 2024.
