BAKU, Azerbaijan, April 3. The European Bank for Reconstruction and Development (EBRD) invests 6 billion Kazakh tenge ($13.23 million) in a local currency bond issued by the Kazakhstan Electricity Grid Operating Company (KEGOC), Trend reports, citing the EBRD.
The EBRD notes that the investment will enable KEGOC to rejuvenate the overhead transmission lines in the Aktobe, Western, and Sarbay networks.
The London-based bank expects that the funds will enable the Kazakh electricity grid operator to reduce transmission losses in the grid and allow KEGOC to accommodate the large-scale renewable energy integration measures planned as part of Kazakhstan’s decarbonization strategy.
The Bank also added that the technical assistance provided by the Climate Investment Funds will help KEGOC integrate the growing share of renewable energy into the national power system.
EBRD is one of the major contributors to the Kazakh economy, with almost $11 billion invested in the country to date in the framework of 304 projects.
Earlier, it was revealed that the Development Bank of Kazakhstan, in cooperation, with Kazakhstan Electricity Grid Operating Company (KEGOC) will place "green bonds" worth 50.9 billion Kazakh tenge ($112.15 million) on Kazakhstan Stock Exchange (KASE).