Energy & Renewables
Whitecliff supports investment strategies and project development across conventional energy, renewable power and the infrastructure required for the energy transition.
Areas of Focus
- Utility-scale solar and wind projects
- Hydropower
- Grid and transmission upgrades
- Energy storage
- Hybrid gas-renewable projects
- Hydrogen and emerging energy technologies
- Energy-transition infrastructure
- Green-finance and investment-center opportunities
Market Context
Kazakhstan is evolving from a renewables-generation market into an integrated energy-transition investment market. The next opportunity is large-scale projects combined with battery storage, grid reinforcement, flexible generation and institutional transition finance platforms.
Market Signals
Net-zero emissions by 2060
Carbon Neutrality Strategy (Presidential Decree No. 121, February 2023) targets net-zero emissions by 2060 and 15% renewables in the power mix by 2030.
Target beaten early
Renewable generation grew from 4.5% of the mix (2022) to 7% (2025) — 1.7× growth, ahead of schedule.
Auctions clearing below cap
April 2025 KOREM tender awarded 1,000 MW of wind-plus-storage at 18.72 KZT/kWh vs. a 22.68 ceiling.
State investment machinery active
Investment Headquarters reviewed 44 projects worth ~$25.5 billion in Q1 2026 alone.
MDBs underwriting the largest deals
EBRD arranged up to $548 million for the Mirny 1 GW wind-plus-storage plant and launched the $20 billion QaJET transition platform in April 2026.
Grid capex front-loaded
KEGOC's 2026 investment program rises to KZT 181.9 billion, backing ~7,000 km of new transmission lines through 2035.
Selected Market Examples
| Project | Publicly reported parties | Scale |
|---|---|---|
| Ulken Nuclear Power Plant | Rosatom Kazakhstan Agency for Atomic Energy | 2.4 GW $14–15 billion |
| Project Mirny Wind Power Plant + BESS (storage system) | Aktas Energy Samruk-Kazyna TotalEnergies European Bank for Reconstruction and Development (EBRD) | 1 GW wind 300 MW / 600 MWh BESS |
| Kazakhstan–China renewables package | Chinese developers Samruk-Energy | 1.8 GW (1.5 GW wind + 300 MW solar) $2.2 billion |
| Turan Wind Energy Plant | Turan Wind Energy LLP (KOREM auction winner) | 1,000 MW wind-plus-storage 18.72 KZT/kWh PPA |
| KEGOC grid modernization | KEGOC Samruk-Kazyna | KZT 181.9 billion planned ~7,000 km pipeline of prospective projects to 2035 |
Market examples are based on publicly reported information and are shown for illustration only. They are not Whitecliff mandates.
