DBK provides funding for retrofit of CHP-2 in Almaty

DBK provides funding for retrofit of CHP-2 in Almaty

 "Development Bank of Kazakhstan" JSC (hereinafter referred to as "DBK" or the "Bank") has entered into a credit line agreement with "Almaty Power Plants" JSC (hereinafter referred to as "APP"), a company within the structure of power holding company "Samruk-Energy" JSC. The financial resources, allocated alongside other creditors such as the Asian Development Bank and the European Bank for Reconstruction and Development, will be utilized for the modernization of CHP- 2 named after Zhakutov in Almaty.

Upon completion of the project, scheduled for the end of 2026, the installed electric capacity of the power plant's equipment will increase from 510 MW to 600 MW, while the thermal capacity will reach 957 Gcal.

Simultaneously, transitioning the power plant to a more environmentally friendly fuel source – natural gas instead of coal – will reduce the station's adverse impact on the environment. This shift will completely eliminate emissions of sulfur dioxide and ash into the atmosphere, and carbon dioxide (CO2) emissions will be reduced by one and a half times.

"Although APP is a quasi-state company, DBK became involved in the project for two reasons. Firstly, there is co-financing involving international financial institutions. Secondly, the project aligns with ESG principles, reducing the power plant's environmental footprint while enhancing the reliability of energy supply to the Almaty metropolitan area. The environmental agenda of this project played a significant role in our decision to provide financing," commented Marat Elibayev, Deputy Chairman of the Board at DBK.

As emphasized by Asel Arginbayeva, Managing Director for Economy and Finance at APP, "We are systematically progressing through the stages of preparing for the implementation of the aforementioned project. The signing of today's agreement is an important step in advancing the project, particularly in terms of commencing construction within the set timeframe. We are embarking on a new stage of collaborative work."

The credit agreement was signed by Asel Arginbayeva, Managing Director for Economy and Finance at APP, and Marat Talgatovich Elibayev, Deputy Chairman of the Board at DBK.