Following a tender in 1996 IPC acquired Karaganda GRES 2, a 608 MW coal-fired power plant located in Karaganda, Kazakhstan. Samsung of Korea was a 25% joint venture partner. IPC halved environmental emissions, and its O&M subsidiary made GRES 2 the highest availability plant in the country. IPC entered into the first private sector power purchase agreement in Kazakhstan, supplying power to Zhezkazgan.
This provision of uninterruptible power doubled the output of copper at Zhezkazgan leading Samsung (which owned the smelter) to buy out the plant in 1998. Karaganda GRES 2 today is an integral part of KazakhMys, the current owner of the smelter.