DBK Equity Fund and Baiterek Venture Fund, the members of Kazyna Capital Management, invested 3.6 billion KZT in a project for wind power station construction in the Akmola region. Thus, their participation in the authorized capital of the project made 23.55%.
DBK Equity Fund and Baiterek Venture Fund entered in the co-investment agreement last May. The decision to participate was made in view of the investment attractiveness of the project: a contract for sale of 100% of the energy produced at a fixed rate; high elaboration of the project; equipment supplier – Vestas, the global industry leader, providing full technical support.
Moreover, the participation of KCM funds in the project contributes to the implementation of Kazakhstan’s strategy for the transition to a green economy. The commissioning of a wind power station will reduce greenhouse gas emissions by 230,000 tons per year, which exceeds emissions of more than 113,000 vehicles per year. Upon completion of the construction, the station will be able to meet the needs of more than 10 thousand families by renewable energy sources, thereby reducing the use of fossil fuel.
The total construction cost of the first commissioning and start-up complex with a capacity of 50 MW is 45.1 billion KZT. In addition to KKM Funds, Development Bank of Kazakhstan and BRK-Leasing invested in the project. Completion is expected in the second quarter of 2019.
“This project is a paradigm example of synergy and integrated approach to the implementation of projects by subsidiaries of Baiterek NMH. Four co-financing organizations participated in it, each of them provided its own unique set of support tools thanks to which the project became possible”, - commented Ardak Kasymbek, the Chairman of the Board of Kazyna Capital Management JSC.
DBK Equity Fund is the Kazakhstan Direct Investment Fund established in 2017, with an initial capitalization of 33.5 billion KZT. Kazakhstan Development Bank JSC and Kazyna Capital Management JSC are the investors of the Fund.
Baiterek Venture Fund JSC was established in 2014, it is a member of the group of companies of Baiterek National Management Holding and is a 100% subsidiary of Kazyna Capital Management JSC.
BVF JSC was established to provide financial support tools to domestic companies operating in the priority sectors of the economy of Kazakhstan.
The Fund searches and invests in the projects of medium and large businesses through the provision of equity and debt financing at the start-up, growth and maturity stages.