Samruq-Energo Transfers Bukhtarma Hydroelectric Power Plant to Subsidiary Qazaq Green Power

Samruq-Energo JSC has revealed details about the transfer of ownership of the Bukhtarma Hydroelectric Power Plant (BHPP), Orda.kz reports.

Last week, it became known that Samruq-Energo no longer directly owns BHPP. The deal, finalized at the end of September, involved the transfer of 96.32% of the company’s shares to a new owner — though initially, it was unclear who that was.

Today, the holding company clarified that the hydroelectric power plant was transferred to its wholly owned subsidiary, Qazaq Green Power PLC.

In accordance with a corporate decision, Bukhtarma Hydroelectric Power Plant JSC was transferred to Qazaq Green Power PLC to consolidate renewable energy assets and hydroelectric facilities under a single entity specializing in green energy development,
said Yergen Shalin, Chief of Staff to the Chairman of the Board of Samruq-Energo.

The transfer was structured as a capital increase for Qazaq Green Power, with additional shares issued and the BHPP stake serving as payment for those securities.

Samruq-Energo emphasized that the existing concession agreement with Kazzinc LLP remains valid.

Samruq-Energo JSC continues to own 96.32% of Bukhtarma HPP through its subsidiary Qazaq Green Power PLC. This transfer does not alter the agreements with Kazzinc LLP, which will continue leasing the assets until the end of 2028,
Shalin added.

Founded in 1996, Bukhtarma Hydroelectric Power Plant JSC succeeded Altayenergo JSC (established in 1960). Samruq-Energo had managed the state’s share in the plant since 2008, while the assets have been leased to Kazzinc since 1997.

The Bukhtarma Hydroelectric Power Plant is Kazakhstan’s second largest, with an installed capacity of 675 MW. Its facilities form the Bukhtarma Reservoir, the largest in the country.

Qazaq Green Power PLC, created in 2022, is a fully owned subsidiary of Samruq-Energo aimed at consolidating the holding’s renewable and hydroelectric assets. Its director is Aidan Kasymbekov, who also chairs the Supervisory Board of Samruq-Green Energy LLP.

Original Author: Nikita Drobny