Kazakhstan continues talks with Russia on financing three thermal power plants

Kazakhstan is continuing negotiations with Russia over the financing of three thermal power plants (TPPs) to be built in the northern part of the country, according to the Ministry of Energy, Azernews reports, citing TASS.

The agreement on the construction of the power plants — located in Kokshetau, Semey, and Ust-Kamenogorsk — was signed in 2024. The ratification process is currently underway in the Kazakh Parliament.

The ministry stated that the agreement includes the provision of a concessional (subsidized) export loan from Russia to Kazakhstan. However, discussions on the financial terms are still ongoing. Despite the pending financial arrangements, Kazakhstan has already independently begun construction on the Kokshetau TPP, due to the project's strategic importance.

“In case Russia does not provide a definitive response on financing, the ministry will explore alternative funding options to implement the projects independently, prioritizing the country’s national interests,” the statement added.