The Development Bank of Kazakhstan (DBK) has approved up to CNY 814 million for Altyn Dala Energy Ltd. to build the first phase of a 1 GW renewables project: a 60 MW solar plant serving Kazatomprom and a 185 MW solar plant for KEGOC, the national grid operator. The loan is in yuan, priced off China's five-year Loan Prime Rate, and runs for up to 15 years. DBK says financing is due to open in 2026.
A Kazakh project priced on a Chinese benchmark
Phase one costs CNY 1.2 billion. DBK covers up to CNY 814 million, about 67.8%; where the rest comes from has not been disclosed. Kursiv put the loan at roughly KZT 54.5 billion and the total at about KZT 80.4 billion at the time of its report.
The project card spells out the price as "5Y LPR + 1.57% p.a., floating". China Foreign Exchange Trade System data show the five-year LPR at 3.50% on September 20, unchanged all year, which puts the current rate at about 5.07%. The LPR is fixed monthly, so the borrower's cost moves with Beijing's benchmark rather than with the National Bank of Kazakhstan's base rate.
Set that against another loan on DBK's books. Aktas Energy – a venture of TotalEnergies, a Samruk group company and KazMunayGas – is building a 1 GW wind farm with 300 MW / 600 MWh of battery storage near Mirny in the Zhambyl region. DBK's share there is up to USD 200 million, in dollars, drawn from a USD 200 million KfW facility signed in late September; MIGA guarantees 95% of it, or USD 190 million. The bank's green lending now runs along two currency tracks: European money in dollars, and yuan tied to the LPR.
What gets built, and where
The project's official name says it plainly: first phase of the 1 GW renewables project, KAP solar 60 MW and KEGOC solar 185 MW. Together that is 245 MW, less than a quarter of the headline gigawatt. DBK lists the site as Shieli district in the Kyzylorda region.
On its website, Altyn Dala Energy says its shareholders signed the founding documents for the joint venture in the Astana International Financial Centre on November 24, 2023, with the aim of building grid-connected solar plants of up to 1 GW for large industrial consumers. No public material yet explains which plants will make up the remaining 755 MW or so, or when.
Who is behind it
Rules related to this news
DBK names two ultimate beneficiaries: Kyrgyz businessman Ulan Dzhaparov with 75% and state power group Samruk-Energo with 25%, the latter holding its stake through its subsidiary Qazaq Green Power. A private investor in control, a state utility as minority partner, and two state-controlled buyers of the power.
Why it matters for Chinese companies
First, yuan lending in Kazakhstan is moving beyond trade finance. We have reported on DBK's pre-export line for Kostanay flour exporter Kazmeal: CNY 45 million at 5.9% over 36 months. This deal is CNY 814 million over 15 years.
Second, and this is our inference: with the loan in yuan, buying panels, inverters or storage from China would skip a currency conversion and make FX risk easier to hedge. But the EPC contractor, equipment suppliers and build schedule have not been named, so any Chinese role is still an open question.
Third, the power price is not public. The tariff and contract terms with Kazatomprom and KEGOC will decide how comfortably the project can carry 15-year debt.
Still unanswered: when the credit agreement will be signed; when the two plants will start construction and connect to the grid; how and where the remaining ~755 MW will be financed and sited; and whether equipment and EPC tenders will be open.
(The cover image is an AI-generated illustration and does not depict the facilities described.)
Sources:
Development Bank of Kazakhstan, project card, https://www.kdb.kz/en/ajax/project.php?LANG=EN_&PROJECT_ID=15583
Development Bank of Kazakhstan, projects approved for financing, https://kdb.kz/projects/on-financing/
Kursiv, https://kz.kursiv.media/2026-10-09/svan-kyrgyzstancy-poluchat-55-mlrd-tege-ot-gosbanka-kazahstana-na-solnechnye-elektrostancii/
China Foreign Exchange Trade System (ChinaMoney), LPR, https://www.chinamoney.com.cn/chinese/bklpr/
Altyn Dala Energy Ltd., https://alt-dala.kz/
Development Bank of Kazakhstan, Aktas Energy project card, https://www.kdb.kz/en/ajax/project.php?LANG=EN_&PROJECT_ID=15582
MIGA, https://www.miga.org/project/kfw-development-bank-kazakhstan-nhfo-soe-0
Trend (via MENAFN), https://menafn.com/1111737206/Kazakhstan-Secures-Up-To-200-Million-From-Kfw-For-Renewable-Energy-Projects