ASTANA – Kazakhstan unveiled an investment platform to drive just energy transition on April 23 as part of the Regional Ecological Summit in the capital, positioning it as a cornerstone of the country’s climate and economic strategy. From L to R: Akkenzhenov, Özhan and Nyssanbayev.
Photo credit: Kazakh Energy Ministry The initiative, known as QaJET, aims to accelerate the shift to cleaner energy by adding 10 gigawatts of renewable capacity by 2035. Officials estimate the effort will require roughly $20 billion in financing from both public and private sources and could cut annual greenhouse gas emissions by more than 20 million tons, around 7% of Kazakhstan’s energy-related output.
The framework was formalized through a memorandum of understanding signed by Energy Minister Yerlan Akkenzhenov, Ecology and Natural Resources Minister Yerlan Nyssanbayev and European Bank for Reconstruction and Development Managing Director for Central Asia and Mongolia Hüseyin Özhan.
The agreement lays the groundwork for broader cooperation with international lenders, donors and private investors expected to back the platform’s rollout. One of the first flagship projects under QaJET will be the Mirny wind power plant in the Zhambyl Region. The project is being developed by Aktas Energy, a joint venture between French TotalEnergies, Samruk Kazyna sovereign wealth fund and KazMunayGas.
Assel Satubaldina and Hüseyin Özhan during their conversation. Photo credit: EBRD “Kazakhstan does have very ambitious plans for decarbonization and further deployment of renewable energy projects on the ground,” said Özhan as he spoke to The Astana Times on the sidelines of the summit in Astana.
“These are exactly the policies that we are trying to support. Mirny project does exactly this.” EBRD is extending an A/B loan of up to $548 million to Aktas Energy to support the construction and commissioning of the wind power plant. Of the total, up to $250 million will come from the EBRD’s own account as an A-loan, while the remaining $298 million will be syndicated as a B-loan to a group of co-lenders, including China Construction Bank, Qatar National Bank, Société Générale and Standard Chartered.
Özhan said it will become the largest wind power plant in Kazakhstan to date, including a battery energy storage system. “One gigawatt of clean energy supported with 300 megawatt and 600 megawatt hours of battery storage, which will provide balancing capacity as well as the relevant flexibility to the grid as well.
When you look at it, this will be the largest onshore wind project in the country and it is a significant milestone for Kazakhstan,” he said. Özhan said EBRD has backed 16 renewable energy projects in Kazakhstan so far. As with any deal, the EBRD is carrying out full due diligence, covering environmental, technical, legal and financial aspects.