BAKU, Azerbaijan, Aug. 10
By Nargiz Sadikhova - Trend:
Kazakhstan’s largest state diversified energy holding – Samruk Energy JSC - continues working to increase operational efficiency in core activities, the company representative told Trend.
The company official noted that recently the company received three tranches from Asian Development Bank for a total of 45.8 billion tenge ($109.1 million). The repayment of the tranches is to be made in five years and seven years.
“The interest rate is set based on the actual inflation indicators in Kazakhstan, as well as on bank’s margin. The main debt is to be paid off nearing the end of the loan,” the company said.
The company official also said that current cooperation with ADB will allow the company to identify and set renewable energy opportunities.
“Overall, further cooperation of the Samruk Energy with ADB will contribute to the restructuring of the balance sheet, the growth of operating efficiency in core activities of the company in order to maximize value for shareholders and identify opportunities related to renewable energy,” the company official stated.
Earlier this year, ADB said that the bank's current non-sovereign loan portfolio in Kazakhstan includes three projects for about $162 million.
The ongoing projects in private sector cover, apart from the loan to Samruk-Energy, two loans to support the construction and operation of solar power plants of a 50MW and 100 MW installed capacity in the Southern Kazakhstan.
"The solar power plants in South Kazakhstan that ADB is financing will boost the development of an early-stage solar power sector in the country and help replace imports of electricity in power-deficient southern Kazakhstan with indigenous renewable sources," the official said.
ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 68 members.
Follow the author on twitter: @nargiz_sadikh