EDB Bonds Finance Modernization of Almaty CHPP-3
The Eurasian Development Bank (EDB) recently issued three-year bonds worth 50 billion tenge (US$100.4 million) on the Kazakhstan Stock Exchange (KASE) to fund the modernization of Almaty combined heat and power plant-3 (CHPP-3). This initiative aims to switch CHPP-3 from coal to natural gas, leading to a significant reduction in harmful emissions, improved air quality, and enhanced power supply reliability in Almaty.
The bond issuance garnered significant interest from investors, with bids surpassing the offer by nine billion tenge (US$18 million). The proceeds generated will be used to facilitate the reconstruction of Samruk Energy, the parent company of Almaty Electric Power Plants (AlES), with a primary focus on installing a 500-megawatt combined-cycle gas turbine unit.
This project stems from the EDB’s 2023 agreement with AlES to support its shift from coal to gas-fired generation, showcasing the bank’s commitment to sustainable development. Additionally, this initiative continues the EDB’s collaboration with AlES and the Astana International Financial Centre (AIFC), which previously established a 236.8 billion tenge (US$475.9 million) sustainable development bond program.
Overall, this endeavor represents a crucial step towards a more environmentally-friendly and efficient energy sector in Kazakhstan.
