BAKU, Azerbaijan, September 30. The Development
Bank of Kazakhstan signed a loan agreement with German state-owned
development bank KfW for up to $200 million to finance renewable
energy projects, the bank said.
The agreement was signed during President Kassym-Jomart
Tokayev’s official visit to Germany, which began on September
28.
“The loan is being raised under a guarantee from the
Multilateral Investment Guarantee Agency (MIGA) and will be used to
finance renewable energy projects,” the bank said.
The bank noted that this is the first joint transaction between
the Development Bank of Kazakhstan and KfW, KfW’s first direct
project in Kazakhstan, and the first joint transaction between KfW
and MIGA globally.
The first project to be financed with these funds will be the
construction of a 1-GW wind power plant with a 300-MW/600-MWh
battery energy storage system (BESS) by Aktas Energy LLP near the
village of Mirny in Kazakhstan’s Zhambyl Region.
According to DBK, once commissioned, the wind farm will generate
about 4 TWh of electricity annually. This will enable the project
to supply electricity to around 1 million people and reduce
greenhouse gas emissions by 3.5 million tons of CO₂ annually, in
line with ESG principles.
Construction of the Mirny wind farm began in March 2026 in
southeastern Kazakhstan. The wind power plant is expected to
generate up to 100 TWh of electricity over a 25-year period. The
wind farm will comprise 150 wind turbines. The electricity
generated will be supplied to the grid. With total investments
estimated at $1.2 billion, roughly three-quarters of the funding
will come from external sources.
The project is owned by TotalEnergies (60%), Samruk Energy (20%)
and National Company KazMunayGas (20%).
