State-Owned Power Plant Borrows to Repay Debt After Paying Executives 350 Million Tenge
Illustration: Orda.kz
Ekibastuz GRES-2 paid its management board 350.2 million tenge in salaries, bonuses and other incentives for 2025. The loss-making power plant subsequently borrowed from shareholder Samruk-Energy to repay a bank loan, Orda.kz reports.
The company lists seven members on its management board. Its published figures do not specify how the 350.2 million tenge was divided among them.
Three Years of Losses
The power plant has reported losses for three consecutive years:
- 9.6 billion tenge in 2025
- 10.7 billion tenge in 2024
- 17.3 billion tenge in 2023
In January 2026, shareholders approved a 20-year loan from Samruk-Energy. The money will be used to repay the principal on a Halyk Bank loan obtained in 2020 to finance the plant’s expansion, reconstruction and third power unit.
The amount was not disclosed, but the KASE filing states that the transaction represents 28% of the book value of GRES-2’s assets.
The principal is due at the end of the 20-year term, although earlier repayment is possible with the lender’s consent.
GRES-2 also decided not to pay dividends on its common shares for 2025. The shareholder loan may, however, be part of refinancing the existing bank debt on more favorable terms and does not necessarily mean the plant has run out of operating funds.
Fully State-Controlled
Ekibastuz GRES-2 is fully controlled by the state. Samruk-Kazyna owns 50%, while its subsidiary Samruk-Energy owns the remaining half.
The Russian company Inter RAO previously held a 50% stake, which Samruk-Kazyna acquired in 2020.
Original author: Ilya Astakhov
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