40 Capital

What 40 Capital does

40 Capital is an Abu Dhabi-headquartered green energy investment and development platform focused exclusively on small-to-medium run-of-river hydropower projects (5-50 MW) in Kyrgyzstan and Central Asia. The company was founded in 2020 with an operational headquarters in Bishkek, Kyrgyzstan, and structures each project as a separate Special Purpose Vehicle (SPV). Its core technology is run-of-river hydropower — a proven, low-environmental-impact renewable with rapid 12-18 month construction cycles, 50+ year asset lives, and high capacity factors — sourced through a site-first screening process that rejects over 95% of evaluated sites to pursue only Tier-1 hydrology.

The platform's product portfolio today spans three commissioned assets (Aksy 4.8 MW, Issyk-Ata 2 MW, Issyk-Ata 2 4 MW; total ~10.8 MW), four projects under construction in 2026 (Chon Jargylchak 10 MW, Kichi Jargylchak 7 MW, Aksy 2 7 MW, Kemin 7.5 MW), and a 250+ MW pipeline backed by 130+ MW of prime site rights and 49-year land leases. Revenue is generated by selling electricity under long-term power purchase agreements with government utilities and state offtakers in Kyrgyzstan, supported by dollar-linked green tariffs for currency stability, and by channeling institutional capital (development banks, infrastructure funds) into SPV-level equity and project finance.

Since January 2026, 40 Capital has operated as a 51%-owned subsidiary of Abu Dhabi-based Global South Utilities (GSU), which positions the platform for accelerated delivery in Kyrgyzstan and geographic expansion into Tajikistan. Customers are essentially twofold and concentrated: sovereign offtakers on the energy side and institutional investors/DFIs on the capital side. The company does not disclose standardized pricing; project economics are bespoke and negotiated bilaterally within SPV structures.

Name

40 Capital

Legal name

40 Capital

Website

https://40capital.ae

Company type

Private

Operating status

Operating

Short description

40 Capital is an Abu Dhabi-based green energy investment and development platform that develops, owns, and operates small-to-medium run-of-river hydropower projects in Kyrgyzstan and Central Asia for government utilities and institutional investors.

Ownership category

akta.pro rank

Product category

Run-of-River Hydropower Infrastructure

NAICS

Hydroelectric Power Generation (221111), Electric Power Generation (22111)

SIC

Cogeneration Services & Small Power Producers (4991)

akta.pro primary industry

Hydropower EPC & Civil Construction (Dams, Weirs, Tunnels, Penstocks) (EUAMADAB)

akta.pro secondary industries

Hydropower Plant Development & Permitting (Greenfield/Brownfield) (EUACAEAE), Hydropower Plant EPC (Dam, Run-of-River, Pumped Hydro Civil Works) (EUAEAAAD), Hydropower Operations, Maintenance & Asset Management (O&M, Spares, Performance) (EUAMADAE), Utility-Scale Power Generation Asset Management (EUAEAMAA)

Keywords

• Run-of-river hydropower
• Green energy infrastructure
• Hydropower project development
• Renewable energy investment
• Clean energy PPAs

Headquarters

HQ city

Abu Dhabi

HQ country

United Arab Emirates

HQ region

Middle East

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Infrastructure, Personnel, Operations, Technology or R&D, Others

Revenue model

1. Electricity Generation and Sale: Revenue generated from selling electricity produced by hydropower plants through long-term power purchase agreements (PPAs) with government entities. Features government green tariffs and dollar-linked PPAs for currency stability. Asset-heavy model with front-loaded capital expenditure and low operating costs over 50+ year asset life.
2. Investment Platform Returns: Returns for investors through development and operation of clean energy infrastructure assets with predictable cash flows and strong environmental fundamentals.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

40 Capital develops, owns, and operates small to medium run-of-river hydropower projects (5-50 MW) in Kyrgyzstan and Central Asia, structured through individual Special Purpose Vehicles (SPVs). The platform sells electricity generated by these assets through long-term Power Purchase Agreements (PPAs) with government utilities at green tariffs with dollar-linked pricing, and manages the full lifecycle from site identification through construction, commissioning, and long-term asset management.

Product overview

40 Capital operates as a unified green energy investment and development platform focused on run-of-river hydropower projects in Kyrgyzstan and Central Asia. The platform develops, owns, and operates individual hydropower projects structured through separate SPVs (Special Purpose Vehicles), clustered geographically to reduce construction risk and improve execution efficiency. The portfolio includes completed projects (Aksy 4.8 MW, Issyk-Ata 2 MW, Issyk-Ata 2 4 MW), projects under construction (Chon Jargylchak 10 MW, Kitchi Jargylchak 7 MW, Aksy 2, Kemin 7.5 MW), plus an additional 100 MW under development and 125 MW pipeline at advanced stages. All projects are small to medium run-of-river facilities (5–50 MW range) designed to international standards with construction periods of 12 months.

Differentiator

Problem solved

Functional benefit

Products and services

• Aksy Hydropower Project A 4.8 MW run-of-river hydropower project located in the Jalal-Abad Region of Kyrgyzstan. Commissioned with an investment of USD 6.5 million, it generates 24 million kWh per year, powers approximately 3,000 homes, and removes 25,400 tonnes of CO2 annually. Electricity is sold under long-term PPAs to government offtakers.
• Issyk-Ata Hydropower Project A 2 MW run-of-river hydropower project located in the Chui Region of Kyrgyzstan. Investment of USD 2.4 million, generating 9 million kWh per year, powering approximately 1,125 homes and removing 9,600 tonnes of CO2 annually.
• Issyk-Ata 2 Hydropower Project A 4 MW run-of-river hydropower project commissioned with an investment of USD 4.2 million. Generates 18 million kWh per year, powers approximately 2,250 homes, and removes 19,200 tonnes of CO2 annually. Electricity is sold to government offtakers under long-term PPAs.
• Chon Jargylchak Hydropower Project A 10 MW run-of-river hydropower project located in the Issyk-Kul Region of Kyrgyzstan. Currently under construction with an investment of USD 10 million, expected to generate 44.6 million kWh per year, power approximately 5,625 homes, and remove 47,615 tonnes of CO2 annually.
• Kitchi Jargylchak Hydropower Project A 7 MW run-of-river hydropower project with an investment of USD 7.5 million. Generates 29 million kWh per year, powers approximately 3,125 homes, and removes 26,458 tonnes of CO2 annually.
• Aksy 2 Hydropower Project A run-of-river hydropower project under construction with an investment of USD 8 million. Generates 33 million kWh per year, powers approximately 4,060 homes, and removes 34,300 tonnes of CO2 annually.
• Kemin Hydropower Project A 7.5 MW run-of-river hydropower project with an investment of USD 11 million. Generates 44 million kWh per year, powers approximately 5,500 homes, and removes 46,000 tonnes of CO2 annually.

Quantifiable outcome

• Projects power 1,125-5,625 homes annually per facility
• +3 more outcomes

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Scale indicators6 records

Recent moves8 records

Expansion highlights5 records

Broad incumbents

• Tata Power: Indian integrated utility with hydropower and renewable projects across South Asia. Comparable as a diversified energy developer active in emerging markets with long-term PPAs and institutional investor backing.
• RusHydro: Russia's largest hydropower generating company with extensive assets across Russia and CIS geographies. Directly relevant as the dominant incumbent hydropower operator in the post-Soviet Central Asian energy market where 40 Capital is competing.
• Statkraft: Norwegian state-owned hydropower major and one of Europe's largest renewable generators. Comparable in operational scale, project development discipline, and long-term contracted renewable energy generation.
• Brookfield Renewable Partners: Global renewable energy platform with significant hydropower, storage, and wind/solar assets. Comparable as a scale institutional investor and developer in renewable infrastructure with long-duration contracted cash flows.

Direct peers

• Voltalia: French renewable energy developer with mid-scale hydropower and wind/solar projects across multiple geographies. Comparable in project development discipline, mid-scale run-of-river focus, and emerging market exposure.
• Acciona Energia: Spanish renewable energy developer with a meaningful hydropower portfolio alongside wind. Comparable in long-term PPA structures, emerging market asset development, and ESG-aligned renewable infrastructure.
• Boralex: Quebec-based renewable energy company with a significant run-of-river hydropower portfolio alongside wind and solar. Comparable in long-term offtake structures, mid-scale project development, and disciplined site selection.
• Innergex Renewable Energy: Pure-play run-of-river hydropower and renewable energy developer with long-term PPAs and similar mid-scale project profiles. The closest direct peer in business model—an operator of renewable assets with predictable, contracted cash flows.

Emerging players

• Power Construction Corporation of China (PowerChina): Chinese state-owned hydropower EPC contractor with extensive emerging market project experience including Central Asia. Comparable as a potential EPC partner or competitor in the Central Asian hydropower build-out.
• NHPC Limited: India's largest hydropower developer with government-backed PPAs and similar institutional project financing models. Comparable in run-of-river and small-to-medium hydropower development in emerging markets.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about 40 Capital