KCM’s subsidiary exits the project with a $30 mln. profit

CITIC Kazyna Investment Fund (Kazakhstan-Chinese private equity fund), a subsidiary of Kazyna Capital Management (KCM) successfully exited the Arctic Green Energy project through the sale of its stake for USD 30 mln. thereby almost doubling its investment. Partial project exit will result in a complete return of the Fund’s initial investment. At the same time, the Fund reserves its participation in the promising project equal to 11% of the Company’s shares. Taking into consideration the fact that the Company expects to make an IPO, the value of the Fund’s stake has a great chance for further growth. “Kazyna Capital Management is very focused on the initiatives for development of renewable energy sources and expects to continue its participation in green technologies based projects. This project is the result of successful implementation of our investment strategy and another example of fruitful cooperation with foreign partners. It is symbolic that these positive results of cooperation were achieved shortly before the Summit of Heads of SCO Member States in China”, said Askar Dostiyarov, Chairman of the Management Board of KCM JSC. AGE is a global project for development of renewable energy sources based on geothermal resources. Its implementation makes it possible to reduce significantly the production cost of heat and power for the population and various sectors of the economy through the application of environmentally friendly solutions. Arctic Green Energy was established for successful putting the Icelandic experience into practice related to the application of geothermal and other renewable energy in other countries with a special focus on Asia.