"Ekibastuz SDPP-2 Plant" JSC, equal shareholders of which are "Samruk-Kazyna" JSC and "Samruk-Energy" JSC, refinanced all foreign currencies liabilities worth circa 100 bn. tenge. Thus, the plant has completely reduced currency risks and eliminated potential foreign exchange losses.
This activity was held for supporting the government's policy to reduce the dollarization rate of the country's economy, foreign exchange obligations and external debt of Kazakhstan. “Halyk Bank of Kazakhstan” JSC, the largest bank in Kazakhstan, was the source of refinancing.
The implementation of the deal allowed Ekibastuz SDPP-2 to completely eliminate currency risks, fix the interest rate, free up pledged movable and immovable property in full, which enabled to reduce associated costs of over 1 bn. tenge.
Furthermore, the deal allowed improving the funding terms and simplifying the financing structure through a fixed long-term loan in national currency.
For reference:
“Sovereign Wealth Fund “ Samruk-Kazyna” JSC - an investment holding company, the mission of which is to improve the national welfare of the Republic of Kazakhstan and ensure long-term sustainability for future generations. It was established in 2008. The sole shareholder is the Government of the Republic of Kazakhstan. “Samruk-Kazyna” JSC group of companies includes enterprises of oil and gas, transport and logistics, chemical and nuclear, mining and metals, and energy sectors.
“Samruk-Energy” JSC is the largest power holding company in Kazakhstan, 100% owned by “Samruk-Kazyna” SWF JSC. It was established in 2007. Core business: electricity and heat production; transmission, distribution and sale of electricity, power coal mining. The holding company comprises energy and coal enterprises, including “Ekibastuz SDPP-1” LLP, “Ekibastuz SDPP-2 Plant” JSC, “Bogatyr Komir” LLP, “Almaty Power Plants” JSC, “Moynak Hydropower Plant named after U.D. Kantayev” JSC, “Shardarinsk HPP” JSC, etc.
"Ekibastuz SDPP-2 Plant" JSC is a Kazakhstani energy enterprise with an installed capacity of 1000 MW, which produces electricity using Ekibastuz high-ash coal with two power units of 500 MW each. Located in Ekibastuz city. Equal shareholders are “Samruk-Kazyna” Sovereign Wealth Fund” JSC and “Samruk-Energy” JSC.
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Government Relations and
Communications Office of “Samruk-Energy” JSC.
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