Nuclear, hydrogen, wind and gas: How investment is driving Kazakhstan’s energy setor

Kazakhstan is on the threshold of the largest investment cycle in decades, with the energy sector playing a particularly important role. Of the thirteen megaprojects valued at over bln each identified by the Telegram channel Tradereport, five are directly related to the energy sector.

These energy projects are valued at more than $66 billion, accounting for more than half of the total value of all projects on the list. At the same time, their geographic distribution and sources of financing vary considerably.

Wind power projects are the most advanced in terms of implementation, while the nuclear power plant is approaching the final investment decision. The most ambitious project of all, the hydrogen complex in the Mangystau region, remains at the conceptual stage.

The country’s 1st NPP

The construction of the Balkhash Nuclear Power Plant near the village of Ulken is estimated at $16.4 bln. Of this amount, $14.4 bln will be allocated to the construction of the generating units, with the remainder covering infrastructure, safety measures and fuel supplies for the warranty period.

Russia’s Rosatom is acting as the general contractor. Russia is providing financing for the majority of the project cost, while 15% will be financed by the Government of Kazakhstan from its own funds.

Engineering surveys in Ulken commenced in August 2025. Construction itself is scheduled to begin in 2027, with commissioning planned for 2035–2036.

The most expensive and most uncertain project

The Hyrasia One complex in the Mangystau Region is estimated to cost $40–50 billion. It is the largest of all thirteen projects, not only among energy projects.

The project is being developed by the German-Swedish company Svevind, which has been part of Norway’s state-owned Statkraft since 2023. The project is intended to produce green hydrogen using wind and solar power generation.

The company announced its plans in 2021, and the project timeline has been revised several times since then. The preliminary design stage has been completed, but the final investment decision is not expected until 2026, while construction has yet to begin.

Wind power projects already under construction

Two wind farms in the Zhambyl region are at a more advanced stage than the other energy projects on the list. The UAE-based Masdar estimates its project at $1.4 bln, with a capacity of 1 GW. Construction officially commenced in summer 2026.

France’s TotalEnergies is implementing a parallel project, the Mirny Wind Farm, valued at $1.1 billion and with the same capacity of 1 GW. Construction is already underway in the Moiynkum District.

Together, the two wind farms will add 2 GW of renewable generation capacity to the region. For comparison, this represents a significant share of the capacity currently lacking in the country’s southern power system.

Gas project at the earliest stage of development

The Sozak unconventional gas field project is estimated at $7.8 bln. Its partner is China’s Geo JadePetroleum.

The project currently remains at the memorandum and early-stage geological exploration phase. It is the least advanced of all the energy initiatives on the list, with construction still a considerable way off.

Which projects are actually under construction?

Of the five energy projects, construction is currently underway only at two wind farms - the Masdar and TotalEnergies. The NPP is closer to securing financing, but construction itself is scheduled to begin only in 2027.

Hyrasia One and Sozak remain projects at the planning stage. Both are dependent on decisions that have yet to be made, and both may face further delays, as has already occurred in the past.