Ust-Kamenogorsk and Shulbinskaya HPP changed owners

The state-owned company Samruk-Energo announced the transfer of Ust-Kamenogorsk and Shulba hydroelectric power stations (HPPs) to its subsidiary Qazaq Green Power PLC. As representatives of Samruk-Energo explained in response to a request from the business information Center Kapital.kz This decision was made with the aim of consolidating the assets of renewable energy sources (RES) and HPPs 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-Energo. As payment for the placed shares of Qazaq Green Power PLC, 100% shares of participation in Ust-Kamenogorsk HPP NPP LLP and Shulbinskaya HPP NPP LLP were transferred. Thus, Samruk-Energo retains control over these facilities through its subsidiary.

On February 25, Samruk-Energo notified the Kazakhstan Stock Exchange (KASE) about the termination of ownership of NPP Shulbinskaya HPP LLP and NPP Ust-Kamenogorsk HPP LLP. The deals were completed on February 21 and 20, respectively.

It should be recalled that Samruk-Energo acquired both HPPs in the spring of 2024 from the Samruk-Kazyna state holding. 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 repurchase of the HPP was carried out at the expense of payment for the outstanding shares of Samruk-Energo offered by Samruk-Kazyna.

In April 2024, Samruk-Energo placed 375.5 thousand ordinary shares on KASE at a price of 96.4 thousand tenge per paper and 260 thousand shares at 90.4 thousand tenge. The total volume of additional issue amounted to 59.7 billion tenge. It was with these shares that Samruk-Energo paid for the acquisition of 100% stakes in the Shulbinskaya and Ust-Kamenogorsk HPPs.

Earlier, in 2021, the government planned to sell up to 100% of state shares in both HPPs to a consortium of investors from Abu Dhabi and Kazakhstan. The corresponding draft law was published on the Open NPAs website, but was withdrawn in 2022.

The 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 HPP is the second stage of the Irtysh cascade, acting as a counterregulator of the Bukhtarminskaya HPP. It was commissioned in 1952. Its installed capacity is 367.8 MW, the actual capacity is 335 MW. Prior to the acquisition of Samruk-Kazyna, these HPPs were owned by the Ministry of Energy of the Republic of Kazakhstan.

JSC “Samruk-Energo” is the largest diversified electric power holding, part of the structure of “Samruk-Kazyna”. The company is engaged in the formation of a power supply system.

Qazaq Green Power PLC, established in September 2022, is part of the Samruk-Energy structure and is a member of the Astana International Financial Center. The main objectives of the company are the modernization and construction of generating capacities, the introduction of new technologies in the energy sector, improving the efficiency of power systems, the implementation of investment projects, the implementation of programs to reform the electric power industry and the implementation of energy-saving policies.

In April 2023, Samruk-Energo announced plans to bring Qazaq Green Power PLC to an IPO in 2024.