Kazatomprom selling 75% stake in Kazakh PV production ops

Kazakh uranium producer JSC NAC Kazatomprom has agreed to sell a 75% stake in its solar photovoltaic (PV) cell and module production activities to a consortium of strategic investors.

The buyers in this transaction are Russia-based Yadran Solar Company, ECM Greentech of France and a partnership between Kasen and Canadian Solar (NASDAQ:CSIQ). They are acquiring a majority stake in three firms -- PV cell maker Kazakhstan Solar Silicon LLP, PV modules manufacturer Astana Solar LLP and metallurgical silicon producer KazSilicon MC LLP, together referred to as the KazPV project.

Under the terms of the newly-signed deal, the consortium members will have the right to buy the remaining 25% in the KazPV project in three years’ time. The group plans to restart the production of solar cells and modules in Kazakhstan, making use of the quartz of the Sarykol deposit from the Almaty region. These PV products will be utilised in the construction of solar power plants in Kazakhstan and neighbouring countries with the assistance of strategic partner CEEC NWPC of China.

Kazatomprom considers those three firms to be non-core assets and is selling them as part of the so-called Complex Privatization Plan for the years 2016-2020.

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