Kazakh Samruk-Energy to expand co-op with int'l financial institutions

Kazakhstan Materials 15 February 2023 12:40 (UTC +04:00)
Maryana Ahmadova
Maryana Ahmadova
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BAKU, Azerbaijan, February 15. Samruk-Energy JSC, the largest Kazakh energy holding, plans to expand cooperation with international financial institutions, a source at the company told Trend.

According to the source, Almaty Electric Stations JSC, Samruk-Energy's subsidiary, signed a credit agreement on financing the "Modernization of Almaty CHPP-2 with minimization of environmental impact" project with the European Bank for Reconstruction and Development (EBRD) on November 25, 2022. The total project worth is estimated at 130 billion tenge ($288.7 million).

At the same time, the construction of a new gas station at the site next to the existing CHPP-2 is expected through the funds of the syndicate, leading international and Kazakh banks, such as the EBRD, Asian Development Bank (ADB) and Development Bank of Kazakhstan (DBK).

The company noted that the financing will be provided in the national currency, with a variable interest rate.

"The presence of the share of international financial institutions such as EBRD, ADB, EDB in the loan portfolio of Samruk-Energy reflects a fairly high quality of the debt portfolio and has a significant impact on the assessment of the financial performance of the company," Samruk-Energy added.