The Kazakh state-owned national atomic energy company is seeking to sell its solar manufacturing units for the second time.
The polysilicon factory of Kazakhstan Solar Silicon LLP.
Image: Kazatomprom
Kazakhstan state-owned uranium miner Kazatomprom JSC has launched an auction for the sale of 100% of shares in the authorized capital of its three solar manufacturing units – MK KazSilicon LLP, Astana Solar LLP and Kazakhstan Solar Silicon LLP.
The starting price for MK KazSilicon LLP has been set at KZT707 million ($1.68 million). This company operates a solar grade metallurgical silicon factory with a capacity of 5,000 tons per year in Ushtobe.
As for Kazakhstan Solar Silicon LLP, which owns a 60 MW wafer manufacturing facility in Ust-Kamenogorsk, the starting price has been set at KZT5,59 billion. The starting price for Astana Solar LLP has been set at KZT3.38 billion. This unit produces polycrystalline solar cells and modules and operates a 50 MW manufacturing facility in Astana.
The units were created with the support of a French consortium led by government-run atomic energy agency the CEA and were formed with fully integrated PV manufacturing lines.
Kazatomprom sought to sell the three companies through a first auction launched in September 2017. Later, in May 2019, it announced that a 75% stake in the three units had been sold to an international consortium formed by the Yadran Solar unit of Russian oil provider Yadran Oil; France''s ECM Greentech, which manufactures turnkey production lines for the PV industry; and China''s Kasen/Canadian Solar. At the time, Kazatomprom said, under the terms of the agreement, the remaining 25% stake would be acquired by the consortium within three years.
In its latest financial results, however, the company revealed that this agreement did not enter into force due to “non-compliance by the purchaser with certain conditions.”
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ASTANA – Kazakhstan Global Investment Roundtable (KGIR) showcased the emerging trends in the investment landscape on Nov. 1, culminating in a landmark $7 billion in signed agreements. The high-profile event brought together international investors, government officials, and industry leaders, all eager to explore new opportunities in Kazakhstan''s evolving investment landscape.
"We are in a time of unprecedented challenges and opportunities. Kazakhstan has adapted well to recent changes and continues to grow steadily," said Prime Minister Olzhas Bektenov, addressing the plenary session. The nation''s GDP grew by 4% during the first nine months of 2024, driven by the development of the non-commodities sector.
He noted the government recently adopted the updated national investment policy until 2029.
Speaking of how the government supports investors, Bektenov outlined 14 special economic zones, incentives for strategic investors, and legal protection, among others. He also highlighted incentives for which strategic investors are eligible in Kazakhstan, including customised support through investment agreements that ensure the stability of legislation for 25 years, with a particular focus on tax and labor legislation.
"Developing local industries remains a key priority for us. Domestic companies benefit by working within the supply chains of major investors, gaining experience, and improving quality standards. Large investment projects have a multiplier effect on the growth of small and medium businesses. Our aim is to ensure that as foreign production in Kazakhstan grows, so does the share of local content in the products," said Bektenov.
To promote further localization, Bektenov said the government plans to raise the share of the off-take contracts in purchases up to 10% and encourage foreign investors to hire local specialists at all levels.
"The government continues to ensure the protection of both domestic and foreign investors'' rights and interests. Kazakhstan has taken a unique approach by moving away from a monopolized jurisdiction and allowing investors to choose between English law through the Astana International Financial Centre and the national legal system," said Bektenov.
He reiterated the government''s commitment to "open and transparent communication."
"The government of Kazakhstan values direct engagement with investors at every stage of the project, focusing on protecting their rights and fostering a favorable business environment. I invite you to take full advantage of the opportunities for business development in Kazakhstan," he added.
Insights from large investors
The plenary session featured some of the largest investors in Kazakhstan, who disclosed how global trends affect their work in the country.
Ramez Al-Khayyat, president and CEO of Power International Holding (PIH), highlighted the long-standing advantages of Kazakhstan, including the nation''s rich resource base. PIH is a Doha-based diversified business conglomerate operating in energy, construction, telecommunication, agriculture, and real estate.
Al-Khayyat noted Kazakhstan''s strategic appeal to the holding, pointing out its prime location between Europe and India, which positions it as a crucial "hub for trade and logistics" across major markets.
He also acknowledged the Kazakh government''s proactive efforts in fostering a business-friendly environment, aligning well with the company''s long-term objectives.
He sees PIH''s presence in Kazakhstan beyond resource investment. "Our focus is on creating jobs, boosting the growth of skills, and supporting key industries. For the long-term, our goal is to support Kazakhstan''s economic diversification, to reduce reliance on specific industries, and help elevate the country’s goal as a regional leader," he said.
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