PV Analysis of the Belt and Road Initiative

Home News & Analysis PV Analysis of the Belt and Road Initiative

PV Demand Analysis of the Belt and Road Initiative: Kazakhstan of Central Asia

Kazakhstan Country Profile

Kazakhstan has an estimated population of 18 million. The annual GDP growth rate stood at around 4.1% in 2017, a 3% rise compared to 2016, showing signs of economic recovery. Fitch, a global credit rating agency, assigned Kazakhstan a credit rating of BBB on March 2019, indicating a stable future outlook.

Solar radiation varies from region to region. It ranges from 1,300-1,800/kWh per square meter in central and southern Kazakhstan and 1,000-1,500/kWh per square meter in western and northern Kazakhstan.

Renewable energy development in Kazakhstan

The government of Kazakhstan initiated the Green Economy Plan in 2012, which targets 3% and 10% of electricity generated from renewable energies by 2020 and 2030, respectively.

To achieve the goal, the Ministry of Energy of the Republic of Kazakhstan announced bill No.478 in November 2016, stipulating that the cumulative installation of renewable energy should achieve 1,700MWby 2020, including 933MW of wind power, 467MW of solar PV, and 300MW of hydro and bio energy.

Coal has been the primary source of electricity generation in Kazakhstan. As the Kazakh government has been pushing for green energy development to achieve its goal set for 2020, the nation has sourced 1.27% of electricity from renewables by the end of 2018, a 0.19% rise compared to 2017.

Kazakhstan Installation and Electricity Generation by Source

Kazakhstan’s PV policy and development

1. FIT

Kazakhstan’s FIT for solar PV projects is KZT 34.61/kWh. To promote local PV industry development, projects using modules manufactured with local raw materials are eligible for a FIT of KZT 70.00/kWh.

2. PPA Auction

In mid-2018, a 1GW project was put out to tender for the first time. The result of the first round of auction was announced in October 2018 and 170MW of solar PV was awarded. The result is listed in the table below:

Kazakhstan First Aution

Winning bidders have to sign a 15-year PPA with JSC KOREM, Kazakhstan Operator of Electric Power and Electric Energy. Projects are expected to connect to the grid between 2019 and 2020.

Unfortunately, Kazakhstan’s solar plans didn’t go smoothly. At first, the government attempted to promote renewable energy development through FIT calculating based on Kazakhstani tenge. However, following a transition to a floating exchange rate regime in 2015, oil prices plunge, and rising tensions between its neighboring countries Russia and Ukraine, the national currency has depreciated significantly. That made foreign companies less willing to invest in the local renewable energy and thus hindering the PV development. The policy failure resulted in a cumulative PV installation of only 58.8MW in 2017.

In recent years, global financial institutions such as EBRD, CTF, and ADB have started  financing Kazakhstan’s solar PV projects to support the country’s PV development.  Driven by the demand, the nation’s cumulative PV installation has increased to 209MW last year, with 150MW of which newly installed, which marked the highest installation in Kazakhstan to date. .

Kazakhstan Cumulative installation

Source: Ministry of Energy of the Republic of Kazakhstan

Kazakhstan-China trade: module imports and exports

According to PV InfoLink’s China customs database, China’s module shipment to Kazakhstan was 13MW and 195MW in 2017 and 2018, respectively, showing a substantial increase in module demand compared to 2017. The reason behind the growth might be the projects financed by international financial institutions.

Chinese module shipment to Kazakhstan stood at 91MW in the first quarter of 2019. Some of these modules may be used in projects selected in auction last October and the projects financed by financial institutions.

Module demand is likely to keep rising thanks to solar auctions and funded projects.

Kazakhstan China Module Export Shipment


With loans offered by foreign banks, Kazakhstan’s growing solar demand was reflected in the volume of newly-added installation in 2018. Last October, the nation held its first round of auction for utility-scale projects and 170MW of solar PV was awarded. Demand from those projects is expected to emerge this year.

China’s module shipment to Kazakhstan touched 91MW in the first quarter of 2019, nearly half of the total shipment to the nation in 2018. Some of these modules may be used in the170MW contracts awarded in auction.

Looking ahead to the future, whether the PV industry can continue to grow without the financial help from foreign financial institutions is a major challenge facing Kazakhstan. The future development is difficult to predict at this point; however, the PV industry will continue growing if the government could reduce the cost and move toward grid-parity regime. 

*PV InfoLink will hold a seminar titled “2H19 PV Market Trends and Outlook” in Shanghai on June 3. Welcome to join us for more market insights and technology trends.

Previous Go Back Next

欢迎您光临PV InfoLink网站(http://www.pvinfolink.com,以下简称“本网站”),请您详阅下方的本网站的使用条款、以保障双方权益,若使用本网站则表明您已知悉并完全接受这些条款。

§ 1 免责声明

本网站合法获取信息,并尽可能以可靠、准确、完整的信息为基础,但不保证本网站信息的绝对准确性和绝对完整性,亦不对任何人的市场操作、投资建议负任何责任。PV InfoLink保留随时补充、修订或更改有关信息的权利,但并不保证随时发布。

 § 2 版权声明

本网站中的商标、名称、版面设计、自有文章、图片、图表等内容之版权归PV InfoLink所有。对于内容中所含的版权和其他所有权声明,使用者应予以尊重并在其转载、副本中予以保留。如果网站内容无权利声明,并不代表本网站对其不享有权利,也不意味着本网站不主张权利,使用者应根据诚信原则尊重该内容的合法权益并进行合法使用。

§ 3 转载及链接

本网站出于促进业界同仁思想交流和研究探讨之目的,可能包含转载文章或连接到第三方网页上的链接。转载文章所阐述的观点只代表该作者自身观点,本网站转载并不代表赞成或反对其观点。另外,本网站对外部链接并不负审查义务,不担保其准确性及完整性。在收集原始素材时,PV InfoLink尽可能注明文章的作者和来源,如文章作者或版权所有者对此存有异议,并不希望本网站引用、转载,请联系我们,本网站将立即予以删除。

§ 4 拒绝提供担保




本使用条款之订立、修改、更新及最终解释权均属PV InfoLink所有。若您对于本使用条款或本网站有任何问题或建议,欢迎来信service@pvinfolink.com

Welcome to PV InfoLink website (http://www.pvinfolink.com, hereinafter referred to as “this website”). Please read this terms of use agreement carefully to protect the interests of both parties. By accessing this website, you know and fully agree with these terms.

§1 Disclaimer

Information on this website is legally obtained and is based on reliable, accurate, and complete information. But absolute accuracy and completeness is not guaranteed. We assume no responsibility for anyone’s market operation or investment advice. PV InfoLink reserves the right to add, revise, or alter website information anytime, but information will not be guaranteed to be published all the time. 

§2 Copyright statement

The copyright of trademark, name, website layout, articles, photos, charts, etc. on this website are the properties of PV InfoLink. For the copyright and other proprietary statement contained in the content, users should show the respect and cite sources when sharing the article. If the website has no copyright statement, it does not mean that its contents are not protected. Users should respect the legitimate rights for use based on the principle of integrity.

§3 Share and link

This website may share articles or put subcontractor’s link on this website for the purpose of facilitating peer exchange and research. The point of view for the shared article is author’s own point of view. This website does not represent in favor or against the author’s point of view. In addition, this website does not have an obligation to review external links and does not guarantee its accuracy and completeness. For the collection of original sources, we will try to cite the author and source as much as possible. If the author or copyright owner has any opinions and do not want this website to refer or share their content, please contact us. The article will be removed immediately. 

§4 Refuse to provide warranty

This website does not provide any express or implied warranties, including but not limited to commercial suitability, fitness for a particular purpose, and non-infringement of the rights of others.

This website is for reference only. Users should determine the immediacy and applicability of such information themselves and have to be responsible for any transaction or investment decisions made.

If users conduct trade transactions with other manufacturers through this website, only the user and the manufacturer have a contractual relationship. This website is not involved in it. If the product or service has any flaws or disputes, users will have to contact the contractor. This website will assume no responsibility for such matters.

The making, modification, renewal, and final interpretation of this Terms of Use are the properties of PV InfoLink. If you have any questions or suggestions regarding this Terms of Use or this website, please contact us at service@pvinfolink.com.


PV InfoLink的现货价格主要来自平时与业界的面谈、
但每周根据市场分为略有微调,且加上PV InfoLink专业分析群的市场预测。

PV InfoLink gathers price information from face-to-face/phone interviews and other ways of communication with more than 100 PV companies. We get our average price from the most common transactional data in the market (not weighted average), but prices are slightly adjusted every week according to market conditions. With PV InfoLink’s professional market forecast, we seek the fullness and completeness of the information, but this information is just for reference. We assume no responsibility for anyone’s market operation or investment advice.