Azerbaijan, Baku, Sep. 3 / Trend E. Kosolapova/
European Bank for Reconstruction and Development (EBRD) and Kazakh Shardara hydropower plant signed a 9.15 billion tenge (over $61 million) loan agreement, Kazinform reported with the reference to Samruk - Energy company.
According to the agreement, EBRD will finance modernization of Samruk - Energy's affiliated company - the Shardara hydropower plant.
The loan agreement was signed in London on August 24.
"This project is of great importance to secure stable power supplies to the southern Kazakhstan. This project attracts new technology, develops renewable sources of energy with Kazakhstan's sustainable development," Samruk-Energy head Almasadan Satkaliyev said.
Shardara hydropower plant modernization project is part of the State-run Program of Accelerated Industrial Development for 2010-2014 and is targeted at preventing emergency shutdowns of the power plant, increasing its capacities by 16 percent to 116 megawatt and producing additional 57 million kilowatt-hours per year. The project is estimated at $101 million.
The loan will finance purchase of equipment including related building, installation and commissioning operations.
EBRD allocates $60 million to finance hydropower plant modernization in Kazakhstan
European Bank for Reconstruction and Development (EBRD) and Kazakh Shardara hydropower plant signed a 9.15 billion tenge (over $61 million) loan agreement