Syndicated and Blended Financing for Green Infrastructure in Kazakhstan: Risk Allocation and Bankability

Abstract

Large green infrastructure projects in Kazakhstan may exceed the tenor or exposure capacity of a single lender class. This paper examines how syndicated lending and blended finance can support project bankability through lender specialisation, maturity extension, currency matching and structured risk allocation. The study combines institutional analysis, peer-reviewed research, comparative public case evidence and a fully specified illustrative project-finance model. Four Kazakhstan cases are considered: Zhanatas Wind Farm, the KEGOC grid reinforcement programme, the Big Almaty Ring Road concession as a non-green financing comparator, and the Mirny wind and battery project. The cases illustrate how multilateral development banks can provide long-tenor anchor debt, mobilise commercial lenders through A/B or club structures, and introduce common environmental, social and governance disciplines. Under stated assumptions for a USD 700 million project, a 15-year commercial structure produces annual debt service of USD 62.78 million and a debt service coverage ratio of 1.19. A syndicated A/B structure produces a ratio of 1.37, while a blended structure with a concessional tranche produces 1.46. The improvements reflect both specified funding costs and differentiated tenors; syndication alone does not guarantee cheaper funding. The paper proposes a bankability framework supported by common due diligence, intercreditor rules, transparent monitoring and a documented test of concessional additionality.

Keywords: Kazakhstan, green infrastructure, syndicated lending, blended finance, project finance, A/B loan, risk allocation, bankability

Список литературы

1. Bureau of National Statistics of the Republic of Kazakhstan. “Energy Statistics.” Renewable electricity indicators, including the 2025 share. https://stat.gov.kz/en/industries/business-statistics/stat-energy/
2. Financial Settlement Center of Renewable Energy LLP. “Renewable Energy in Kazakhstan.” Installed capacity by technology, 2025. https://rfc.kz/en/res-sector/res-in-kazakhstan/about-the-res/
3. Bureau of National Statistics of the Republic of Kazakhstan. “On Investment in Fixed Assets in the Republic of Kazakhstan, 2025.” https://stat.gov.kz/en/industries/business-statistics/stat-invest/publications/506311/
4. Astana International Financial Centre. “$6bn Raised through the Astana International Financial Centre in 2025 and over 1,400 New Companies Were Registered.” 26 December 2025. https://aifc.kz/news/6bn-raised-through-the-astana-international-financial-centre-in-2025-and-over-1400-new-companies-were-registered/
5. AIFC Green Finance Centre. “Sustainable Finance Analytics.” https://gfc.aifc.kz/en/sustainable-finance-analytics
6. OECD. “Kazakhstan.” In Accelerating Sustainable Infrastructure Investments. 2026. https://www.oecd.org/en/publications/accelerating-sustainable-infrastructure-investments_031d486e-en/full-report/kazakhstan_fff79dd5.html
7. Republic of Kazakhstan. Law No. 126-III “On Project Financing and Securitization.” Adilet Legal Information System. https://adilet.zan.kz/eng/docs/Z060000126_
8. Republic of Kazakhstan. Law No. 379-V “On Public-Private Partnership.” Adilet Legal Information System. https://adilet.zan.kz/eng/docs/Z1500000379
9. AIFC Green Finance Centre. Green Finance Market of Kazakhstan. 2023 edition. https://aifc.kz/wp-content/uploads/2024/07/3.3-green-finance-market-of-kazakhstan.pdf
10. Astana International Financial Centre. “Legal Framework.” https://aifc.kz/legal-framework/
11. OECD. “OECD DAC Blended Finance Principles for Unlocking Commercial Finance for the Sustainable Development Goals.” https://www.oecd.org/dac/financing-sustainable-development/blended-finance-principles/
12. Esty, B. C. (2004). Why study large projects? An introduction to research on project finance. European Financial Management, 10(2), 213-224. https://doi.org/10.1111/j.1354-7798.2004.00247.x
13. Kleimeier, S., & Megginson, W. L. (2000). Are project finance loans different from other syndicated credits? Journal of Applied Corporate Finance, 13(1), 75-87. https://doi.org/10.1111/j.1745-6622.2000.tb00043.x
14. Hainz, C., & Kleimeier, S. (2012). Political risk, project finance, and the participation of development banks in syndicated lending. Journal of Financial Intermediation, 21(2), 287-314. https://doi.org/10.1016/j.jfi.2011.10.002
15. Steffen, B. (2018). The importance of project finance for renewable energy projects. Energy Economics, 69, 280-294. https://doi.org/10.1016/j.eneco.2017.11.006
16. European Bank for Reconstruction and Development. “Supporting the Renewable Energy Transition in Kazakhstan.” 31 March 2026. https://www.ebrd.com/home/what-we-do/impact-management/impact-case-studies/supporting-the-renewable-energy-transition-in-kazakhstan.html
17. National Bank of Kazakhstan. “Schedule of Base Rate Decisions for 2026.” https://nationalbank.kz/en/news/grafik-prinyatiya-resheniy-po-bazovoy-stavke/rubrics/2365
18. Financial Settlement Center of Renewable Energy LLP. “Financial Support of the Application.” https://rfc.kz/en/res-sector/auctions/financial-support-of-the-application/
19. Financial Settlement Center of Renewable Energy LLP. “Financial Support of the Agreement.” https://rfc.kz/en/res-sector/auctions/financial-support-of-the-agreement/
20. European Bank for Reconstruction and Development. “Zhanatas Wind Farm.” Project Summary Document, Project 50569. https://www.ebrd.com/home/work-with-us/projects/psd/50569.html
21. European Bank for Reconstruction and Development. “EBRD Helps to Consolidate Kazakhstan's Power System.” 25 November 2024. https://www.ebrd.com/home/news-and-events/news/2024/ebrd-helps-to-consolidate-kazakhstan-s-power-system.html
22. European Bank for Reconstruction and Development. “BAKAD: European Transport Deal of the Year.” 2020. https://www.ebrd.com/home/work-with-us/treasury-capital-markets/bakad.html
23. European Bank for Reconstruction and Development. “BAKAD Road Concession.” Project Summary Document, Project 47085. https://www.ebrd.com/home/work-with-us/projects/psd/47085.html
24. European Bank for Reconstruction and Development. “EBRD Organises Financing of US$ 548 Million in Kazakhstan's Wind Farm with Storage Capability.” 24 April 2026. https://www.ebrd.com/home/news-and-events/news/2026/ebrd-invests-us--250-million-in-kazakhstan-s-wind-farm-with-stor.html
25. European Bank for Reconstruction and Development. “Mirny WPP and BESS.” Project Summary Document, Project 55877. https://www.ebrd.com/home/work-with-us/projects/psd/55877.html

Как цитировать

Chen Jun Syndicated and Blended Financing for Green Infrastructure in Kazakhstan: Risk Allocation and Bankability // Central Asian Scientific Journal. – 2026. – No. 4(32), Vol. 2. – Pp. 12–22. – DOI: 10.5281/zenodo.23770168.