Mangystau Wind and Solar Hybrid Project (EBRD-55785)

Regions
  • Europe and Central Asia
Geographic location where the impacts of the investment may be experienced.
Countries
  • Kazakhstan
Geographic location where the impacts of the investment may be experienced.
Specific Location
Mangystau
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
Financial Institutions
  • European Bank for Reconstruction and Development (EBRD)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Proposed
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
B
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Dec 3, 2025
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
Mangistau Renewables B.V. (Eni Plenitude S.p.A. and NC KazMunayGas JSC)
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Energy
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 90.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Loan Amount (USD)
$ 90.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Project Cost (USD)
$ 150.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Primary Source

Original disclosure @ EBRD website

Updated in EWS Nov 3, 2025

Disclosed by Bank Oct 31, 2025

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

According to the EBRD, the project consists of the provision of a senior secured loan of up to $90 million is under assessment for the development, construction, and operation of a hybrid renewable energy project comprising a 77 MW wind power plant and a 50 MW solar power plant, both located in the Mangystau region in Kazakhstan.

The project will support Kazakhstan in its objective to increase the share of renewable energy in the energy mix, contribute to reducing Kazakhstan's carbon intensity, and address the country's increasing electricity demand.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

As stated by the EBRD, the investment consists of a senior loan of up to US$ 90 million to Mangistau Renewables B.V. The EBRD financing is anticipated to be accompanied by a Clean Technology Fund loan of up to US$ 10 million.

Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

As stated by the EBRD, Mangistau Renewables B.V. is a special purpose entity incorporated in the Netherlands to implement the project, will act as the borrower.

The borrower is ultimately owned by Eni Plenitude S.p.A. Societa Benefit (51%) and NC KazMunayGas JSC (49%). Eni Plenitude S.p.A. Societa Benefit is a subsidiary of Eni S.p.A. (global integrated energy company headquartered in Rome, Italy) and focuses on renewable energy, operating approximately 4.5 GW of renewable energy capacity in 15 countries. NC KazMunayGas JSC is a leading, vertically integrated state-owned energy company in Kazakhstan.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
Eni SpA Parent Company Energy owns Eni Plenitude S.p.A. Societa Benefit Client Energy
NC KazMunayGas JSC Investor Energy contracts with Eni Plenitude S.p.A. Societa Benefit Client Energy

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

Client - Mangistau Renewables B.V. (Eni Plenitude S.p.A. and NC KazMunayGas JSC):

Akylzhan Kartbayev
Email: mrbv@eni.kz 
Address: Strawinskylaan 1163, 1077XX, Amsterdam, the Netherlands

ACCESS TO INFORMATION

You can request information by emailing: accessinfo@ebrd.com or by using this electronic form: https://www.ebrd.com/eform/information-request

ACCOUNTABILITY MECHANISM OF EBRD

The Project Complaint Mechanism (PCM) is the independent complaint mechanism and fact-finding body for people who have been or are likely to be adversely affected by an European Bank for Reconstruction and Development (EBRD)-financed project. If you submit a complaint to the PCM, it may assess compliance with EBRD's own policies and procedures to prevent harm to the environment or communities or it may assist you in resolving the problem that led to the complaint through a dialogue with those implementing the project. Additionally, the PCM has the authority to recommend a project be suspended in the event that harm is imminent.

You can contact the PCM at: pcm@ebrd.com or you can submit a complaint online using an online form at: http://www.ebrd.com/eform/pcm/complaint_form?language=en

You can learn more about the PCM and how to file a complaint at: http://www.ebrd.com/work-with-us/project-finance/project-complaint-mechanism.html

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How it works