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Samruk Energy
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Investment Activities

In 2025, "Samruk-Energy" JSC continued to implement major investment projects, taking into account the dynamically changing external economic conditions. The Company remains focused on improving the reliability of energy supply, developing the renewable energy sector, minimizing the impact of its activities on the environment, and strengthening energy security and energy independence of Kazakhstan.

Our approach

The strategy of "Samruk-Energy" JSC in investment activities is focused on diversification of sources of financing, including active attraction of funds from international financial organisations and energy companies. We use various investment attraction mechanisms, such as public-private partnerships and the issuance of green bonds, which allows us to provide stable financing.

The priority of the investment activity of "Samruk-Energy" JSC is the creation of long-term value, the introduction of new technologies and the creation of high-quality jobs. The Company focuses on commercial viability and a responsible approach, taking into account environmental, social and governance factors to effectively manage risks and ensure sustainability.

Key principles of investment activities of "Samruk-Energy" JSC

  • Incorporating ESG parameters into the investment analysis and decision-making process
  • compliance with the legislation of the Republic of Kazakhstan and proper use of confidential information
  • Preparation of annual reports, including financial statements, sustainability reports, including ESG factors, in accordance with generally recognised international or national auditing standards
  • availability of a formalised system for identifying, assessing and managing risks.

In line with ESG principles, our main strengths are

  • informed investment decisions through an understanding of important ESG factors, relevant potential liabilities, costs and impact on financial performance, and potential value creation opportunities
  • minimisation of exposure to reputational or legal risks
  • ensuring that adequate systems are in place to assess and monitor the effectiveness of the Fund's and portfolio companies' ESG compliance, compliance with applicable ESG requirements, and managing related investment risks
  • forming a framework for ongoing engagement with companies to discuss, assess and manage ESG risks and impacts, as well as to identify and seize opportunities
  • demonstrating that relevant ESG factors are properly considered and managed by relevant stakeholders.

"Samruk-Energy" JSC applies an integrated approach to risk management in the implementation of investment projects. At the selection stage, an analysis of technical, financial, environmental and regulatory risks is carried out with the involvement of experts and international consultants, with a special focus on climatic factors. So, taking into account the decrease in the water level in the Ile River, it was decided to terminate the construction of a counter-regulating hydroelectric power station ahead of schedule.

The effectiveness of investment projects is assessed by key indicators, including implementation timelines, budget disbursement, achievement of planned capacities and environmental results.

Implementation of the Investment Program of "Samruk-Energy" JSC in 2025, by development method, million KZT (excluding VAT)

CAPEX by destinationsFact 2022Fact 2023Fact 2024Fact 2025Forecast 2026
Investment projects58,37280,393 136,375264,540474,673
Maintenance of production assets41,05249,55589,715166,519258,763
Maintenance of administrative assets1,1572,1982,9677,1598,214
Other7315135,195

Investment projects of "Samruk-Energy" JSC

1

Project "Expansion and reconstruction of Ekibastuz GRES-2 with the installation of power units No. 3 and No. 4"

Description and purpose of the project

The expansion and reconstruction of Ekibastuz GRES-2, as well as the construction of power unit No. 3, will improve the reliability of power supply to all sectors of the economy and the population, as well as increase the country’s export potential.

Implementation period

2023–2030

Key results for 2025

  • 30 May 2025 - EPC contract signed with the Kazakh Consortium.
  • 29 December 2025 - A contract for the examination was signed between Ekibastuz GRES-2 Station JSC and the RSE Gosexpertiza.
2

Project "Modernisation of Almaty CHP-2 with minimisation of environmental impact"

Description and purpose of the project

The construction of a new station using gas turbine technologies with an electric capacity of up to 557 MW and a thermal capacity of 957 Gcal/h at the site of Almaty CHP-2 will reduce the negative environmental impact of the plant on the environmental situation in Almaty. The project is being implemented as part of the execution of the instructions of the President of the Republic of Kazakhstan.

Implementation period

2022–2026

Key results for 2025

  • On 27 June 2025, installation of the generator and turbine of the first gas-turbine unit (GTU) set on the foundations was completed.
  • On 6 October 2025, a positive conclusion was received from the RSE "Gosexpertiza" on the design and estimate documentation of the project.
  • On 23 October 2025, the second set of turbine and generator from Siemens Energy is installed on the foundation.
  • During November-20 December 25, 4 hot water boilers, 3 steam boilers, a steam turbine with a generator were supplied.
  • Construction and installation work is underway, the pouring of pile foundations for all main buildings and structures has been completed, including GIS, PPG, water treatment, a hot water boiler house, the main building and auxiliary facilities. In addition, the concreting of the retaining wall has been fully completed and the foundation for the island of gas turbine units has been completed.
3

Project "Reconstruction of Almaty CHP-3"

Description and purpose of the project

The reconstruction of the Almaty CHP-3 with the construction of a CCGT with a capacity of up to 544 MW will not only partially cover the shortage of manoeuvering capacities in the Southern zone of Kazakhstan, but will also provide consumers in Almaty and the Almaty region with an uninterrupted supply of electricity and heat in accordance with load schedules and temperature regimes.

Implementation period

2021–2026

Key results for 2025

  • On 21 October 2025, an Agreement was signed with the RSE “Gosexpertiza” to conduct a comprehensive non-departmental examination of design and estimate documentation.
  • In December 2025, the first set of turbine and generator from Ansaldo Energia was delivered to the site.
  • The second turbine set had been shipped and was undergoing customs clearance as of the end of 2025.
  • Construction and installation work is underway at Almaty CHPP-3, in particular, work on the Main building is carried out according to the schedule, on GTU-1, concrete, reinforcement and concreting of the foundation have been completed, the foundation for GTU-1 has been poured.
  • On the second foundation, the networks are being removed, the switching of two lines of 220 kV overhead lines and one line of 110 kV overhead lines from overhead to cable lines has been completed with the participation of KEGOC.
  • In 2025, Special Technical Specifications were obtained from KazNIISA JSC for the Almaty CHP-3 Reconstruction Project. As of the end of 2025, the second turbine set had been shipped and was undergoing customs clearance. Foundation works for the 220 kV and 110 kV GIS buildings, the water-treatment facility with circulation systems and the gas-preparation facility had been completed. Test piles were tested and pile casting had commenced. Installation of 220 kV, 110 kV and 35 kV overhead-line supports was completed, and relocation and reconnection of power networks commenced with the approvals of AZhK JSC and KEGOC JSC.
4

Project "Reconstruction of cable networks in Almaty"

Description and purpose of the project

The reconstruction of cable networks will increase the throughput capacity of Almaty by 30%, as well as reduce the accident rate in the distribution networks of AZHK JSC. The project was approved within the framework of the "National Project "Sustainable Economic Growth Aimed at Improving the Welfare of Kazakhstanis"

Implementation period

2022–2030

Key results for 2025

  • 98 km of cable lines were replaced, one distribution substation (DP), transformer substations (TS) at PTS - 8 units, 13 transformer substations were reconstructed, 15 transformers were replaced
  • 3 facilities were put into operation
  • Adjustment of design and estimate documentation for 3 projects was carried out
  • Construction and installation works continued on 9 projects
5

Project "Reconstruction and modernisation of the HPP Cascade"

Description and purpose of the project

The reconstruction and modernisation of the HPP Cascade will ensure the reliability and safety of plant operation, as well as an increase in installed capacity by 7.5 MW and an increase in electricity generation by 41.7 million kWh per year to supply consumers in Almaty and the Almaty region.

A feasibility study was developed by AFRY Switzerland in 2024 for the project "Reconstruction and modernisation of the Cascade of Hydroelectric Power Plants".

Key results for 2025

  • On 6 March 2025, a Memorandum was signed with the Asian Development Bank (ADB) to conduct a survey of hydroelectric power plants.
  • In November 2025, following the results of tender procedures, the Austrian company ILF was determined as the contractor for the inspection of the Project.
6

Project "Construction of a wind farm with a capacity of 1 GW with an energy storage system of the Republic of Kazakhstan in cooperation with Total Eren"

Description and purpose of the project

The project will use energy storage, which will maintain electricity generation within the stated forecast and, therefore, reduce the risk of grid instability due to intermittent wind generation.

Implementation period

2021–2028

Key results for 2025

  • On 3 October 2025, a Letter of Award was signed between Aktas Energy LLP and Envision (800 MW) and between Aktas Energy LLP and SANY (200 MW) for the supply of wind turbines with a capacity of 1,000 MW.
  • On 5 December 2025, conditional Letters of Award for the supply of energy storage systems (ESS) were signed between Aktas Energy LLP and Saft and with an EPC contractor between Aktas Energy LLP, Shanghai Institute of Mechanical & Electrical Engineering and GCD Partner LLP.
7

Project "1 GW wind farm with an energy storage system in the Zhambyl region together with MASDAR"

Description and purpose of the project

The project will use energy storage, which will maintain electricity generation within the stated forecast and, therefore, reduce the risk of grid instability due to intermittent wind generation.

Implementation period

2023-2029

Key results for 2025

  • On 10 May 2025, the Law "On Ratification of the Agreement between the Government of the Republic of Kazakhstan and the Government of the UAE on the Implementation of the Wind Power Plant Project" was signed
8

Project "1 GW wind farm with energy storage system in the Zhambyl region in cooperation with China Power International Holding (CPIH)"

Description and purpose of the project

The project will use energy storage, which will maintain electricity generation within the stated forecast and, therefore, reduce the risk of grid instability due to intermittent wind generation.

Implementation period

2023-2029

Key results for 2025

  • On 18 June 2025, a Shareholder Agreement (SHA) was signed between Qazaq Green Power and CPIH.
  • On 14 July 2025, the project company Pavlodar Green Energy LLP was registered.
9

Project "Construction of renewable energy sources with a total capacity of 1 GW in cooperation with Tumar Commerce"

Description and purpose of the project

Construction of renewable energy facilities up to 1 GW with the possibility of using energy storage systems.

Implementation period

2023-2028

Key results for 2025

  • For the 60 MW project, a positive conclusion was received from the RSE "Gosexpertiza" on the design and estimate documentation.
  • The main terms of financing the 60 MW SPP and 185 MW SPP Construction Projects were approved.
  • On 29 December 2025, Altyn Dala Energy was determined as the winner of the auction for the selection of renewable energy projects for the construction of a solar power plant with a capacity of 600 MW using ESS.
10

Project for the construction of a 100 MW wind farm with an energy storage system in the Ulytau region in cooperation with PetroKazakhstan

Description and purpose of the project

The project will use energy storage, which will maintain electricity generation within the stated forecast and, therefore, reduce the risk of grid instability due to intermittent wind generation.

Implementation period

2024–2027

Key results for 2025

  • The installation of wind meters at the facility has been completed and the design and survey work has been completed and the final reports have been received.
  • On 13 October 2025, the technical specifications for connection to KEGOC's grids were obtained.
  • A state act has been obtained for a land plot with a total area of 215 hectares for a wind farm.
11

Project "Construction of a new GRES-3 station based on clean coal technologies"

Description and purpose of the project

Construction of a new coal-fired power plant GRES-3 with a maneuverable mode of generation using clean coal technology with a capacity of 2,640 MW (four power units of 660 MW each), which will cover the shortage of manoeuvering capacity in the country in compliance with modern environmental standards for emissions into the atmosphere.

Implementation period

Block 1 – 2030

Block 2 – 2031

3,4 blocks – 2034–2035

Key results for 2025

  • On 17 April 2025, the development of a preliminary feasibility study (hereinafter referred to as the Pre-Feasibility Study) of the project "Construction of a new GRES-3 station" was completed.
  • On 30 May 2025, the Pre-Feasibility Study of the project "Construction of a New Power Plant-3" was transferred to state ownership by signing a donation agreement with the Department of State Property and Privatisation in the city of Astana and an acceptance certificate with the Ministry of Energy of the Republic of Kazakhstan.
12

Project "Modernisation of Power Unit No. 3 of GRES-1"

Description and purpose of the project

In order to extend the service life of equipment, improve technical and economic indicators of reliability, efficiency and maintainability, reduce operating and repair costs, increase the overhaul period, as well as comply with environmental standards.

Implementation period

2023–2030

Key results for 2025

  • On 30 December 2024, a positive conclusion was received from the RSE Gosexpertiza on the developed feasibility study (hereinafter referred to as the FS).
  • In 2025, the project completed corporate procedures, within the framework of which the results of the feasibility study were reviewed and approved.
13

Project "Construction of a 500 MW wind farm in the Karaganda region with China Energy Overseas Investment Co., Ltd (China Energy)"

Description and purpose of the project

The project provides for the construction of a wind power plant equipped with a battery energy storage system (BESS), which will enable a more stable power output, support the electricity delivery schedule in line with forecasts, and reduce the impact of variable wind generation on the reliability of the power system.

Implementation period

2024-2028

Key results for 2025

  • In May 2025, 3 wind measurement masts were installed, and work continues on monthly wind monitoring.
  • On 5 December 2025, the project company Karaganda Wind Power LLP was registered.
14

Project "Construction of a 300 MW solar power plant in the Turkestan region in cooperation with China Energy Overseas Investment Co., Ltd (China Energy)"

Description and purpose of the project

The project provides for the construction of a solar power plant equipped with a battery energy storage system (BESS), which will enable a more stable power output, support the electricity delivery schedule in line with forecasts, and reduce the impact of variable solar generation on the reliability of the power system.

Implementation period

2024–2027

Key results for 2025

  • On 16 June 2025, a PPA agreement was signed between Energy China and FSC LLP.
  • On 2 September 2025, An Investment Agreement was signed with Sauran Solar Power LLP within the framework of the meeting of the Business Council of the Republic of Kazakhstan – China.
  • On 15 December 2025, Laying of a commemorative capsule symbolizing the start of construction of a 300 MW solar power plant in the Turkestan region, implemented jointly with China Energy Overseas Investment Co. Ltd
  • On 25 December 2026, the EPC contract was signed.
15

Project "Construction of a combined heat and power plant in the city of Kokshetau"

Description and purpose of the project

Construction of a new combined heat and power plant in the city of Kokshetau with an electric capacity of at least 240 MW and a thermal capacity of 820 Gcal to ensure reliable heat and power supply to the region.

Implementation period

2023-2029

Key results for 2025

  • On 24 June 2025, a contract for the construction of a CHPP was signed between Kokshetau CHPP LLP and the Ministry of Energy of the Republic of Kazakhstan, ensuring a return on investment.
  • On 15 July 2025, Kokshetau CHPP LLP signed contracts for the design, supply of equipment, construction, installation and commissioning works.
  • On 28 July 2025, an agreement was signed with FSC LLP for the support of renewable energy sources regarding the purchase of services to maintain the availability of electric power.
16

Project "Construction of a combined heat and power plant in the city of Semey"

Description and purpose of the project

Construction of a new combined heat and power plant in the city of Semey with an electric capacity of at least 360 MW and a thermal capacity of 1,000 Gcal to ensure reliable heat and power supply to the region.

Implementation period

2023-2029

Key results for 2025

  • On 22 October 2025, an agreement was signed for the construction of a CHPP in Semey between Semey Energo LLP and the Ministry of Energy of the Republic of Kazakhstan, ensuring a return on investment.
  • On 24 December 2025, an agreement was signed with FSC LLP for the support of renewable energy sources regarding the purchase of services to maintain the availability of electric power.
17

Project "Construction of a combined heat and power plant in the city of Ust-Kamenogorsk"

Description and purpose of the project

Construction of a new combined heat and power plant in the city of Ust-Kamenogorsk with an electric capacity of at least 360 MW and a thermal capacity of 1,000 Gcal to ensure reliable heat and power supply to the region.

Implementation period

2023-2029

Key results for 2025

  • On 22 October 2025, an agreement was signed for the construction of a thermal power plant in Ust-Kamenogorsk between Oskemen Energo LLP and the Ministry of Energy of the Republic of Kazakhstan, ensuring a return on investment.
  • On 24 December 2025, an agreement was signed with FSC LLP for the support of renewable energy sources regarding the purchase of services to maintain the availability of electric power.
18

Project "Construction of a power plant based on a combined cycle plant with a capacity of about 1100 MW in the Kyzylorda region"

Description and purpose of the project

The project is being implemented in order to introduce new manoeuvering capacities in the Southern zone of the UPS of the Republic of Kazakhstan. Within the framework of the project, it is also planned to build the Kyzylorda-Shymkent and Kyzylorda-Zhezkazgan power lines. The source of gas is the second line of the BBS gas pipeline under construction.

Implementation period

2024–2029

Key results for 2025

  • On 25 February 2025, "Samruk-Energy" JSC and UCC in Doha, Qatar signed the Shareholders Agreement (SHA) of the Project.
  • On 2 May 2025, the joint project company Kyzylorda Energy Ltd was registered as a Private Company in the AIFC jurisdiction
19

Project for the construction of pumped-storage power plants (PSP) 
in the Almaty region.

Description and purpose of the project

Use of pumped-storage power plants as a source of manoeuverable generation to cover the shortage of electricity during peak hours and fill gaps at night (quickly available PSP control capabilities in combination with large storage capacity are necessary to ensure a stable system in networks with a high share of wind and solar energy).

Key results for 2025

  • On 16 June 2025, on the sidelines of the Power Central Asia+China Energy Energy Forum, an Agreement was signed between "Samruk-Energy" JSC and KMKVHE, which determines the format of preparation for the next stage - the development of a feasibility study for the Project.
  • On 15 July 2025, as part of the official visit of the Chairman of the Board of Directors and the Chairman of the Management Board of Samruk Energy JSC to the PRC, a Cooperation Agreement was signed between SE and CSPG in China.
  • On 2 September 2025, at a meeting of the Kazakh-Chinese Business Council, a Joint Project Development Agreement (JDA) was signed between "Samruk-Energy" JSC and CSPGI, which sets out the key obligations and the procedure for interaction between the parties.

Green and low-carbon investments

"Samruk-Energy" JSC considers the development of green and low-carbon investments as a key area of investment activity and long-term strategic development. Approaches to the formation of the investment portfolio are based on the principles of sustainable development, climate responsibility and taking into account the interests of a wide range of stakeholders.

Corporate Governance of Green Investments

Strategic management in the field of sustainable development and integration of ESG factors into investment activities is carried out by the Board of Directors of "Samruk-Energy" JSC. Issues of sustainable development, climate agenda and ESG risks are considered on a regular basis (quarterly) at in-person meetings of the Board of Directors, as well as within the framework of the work of the Strategic Planning Committee of the Board of Directors.

To provide methodological support and coordination of ESG initiatives, the Company has a specialised Corporate Governance and Sustainable Development Department, which ensures the integration of environmental and climate factors into investment planning and decision-making processes.

Environmental and Climate Aspects of Investment Decisions

"Samruk-Energy" JSC applies a systematic approach to environmental and climate risk management in the implementation of investment projects, guided by the legislation of the Republic of Kazakhstan, ISO 14001 standard and international sustainable development practices. For expansion and modernisation projects, EIA is carried out, including environmental impact analysis, public hearings and environmental monitoring.

The Company is implementing the Energy Transition Programme until 2060, which is aimed at achieving carbon neutrality and is taken into account when forming its investment portfolio.

Green and low-carbon investment framework

The Company has formed a regulatory and strategic framework that regulates the implementation of green and low-carbon investments. Investment activities are carried out in accordance with the Investment Policy and Development Strategy of the Company, taking into account the corporate standards of Samruk-Kazyna JSC and ESG principles.

The investment portfolio of "Samruk-Energy" JSC is characterised by a significant share of projects in the field of renewable energy and hydropower. The total installed capacity of the projects is about 11.4 GW, of which about 7.2 GW (about 63%) are low-carbon energy sources, including

  • wind generation — 3.6 GW
  • solar generation — 1.1 GW
  • hydro and pumped storage power plants — 2.5 GW.

Out of 19 investment projects, 7 are renewable energy projects, which confirms the sustainable focus of the investment programme on the development of low-carbon energy.

Green Finance and Bonds

"Samruk-Energy" JSC uses sustainable financing instruments to implement environmentally significant investment projects. In 2021, the Company issued and placed green bonds on the Astana International Exchange in the amount of 18.4 billion KZT.

The funds raised were used to finance the Shardarinsk HPP modernisation project aimed at improving energy efficiency, equipment reliability and developing manoeuvering capacities necessary for the integration of renewable energy sources.

The Company carries out annual post-issue reporting in accordance with the requirements of the AIX Business Rules, confirming the intended use of funds and the achievement of environmental effects.

  • The volume of green bonds in circulation is 18.4 billion KZT
  • total volume of bonds in circulation — 46.2 billion KZT
  • The share of green financing in the debt portfolio is about 40%.

Energy efficiency and investments in sustainable development

In addition, the Group of Companies is implementing the Energy Saving and Energy Efficiency Improvement Program for 2026–2031, aimed at reducing the consumption of fuel and energy resources and improving the efficiency of asset operation.

In 2025, the Company also invested in research and development (R&D) aimed at finding technological solutions that contribute to improving the efficiency and sustainability of energy assets.

As of 31 December 2025

Ust-Kamenogorsk HPP