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EBRD provides $30 million loan for upgrading of PavlodarEnergo power plant
Bank supports Kazakhstan’s Power Sector Development Plan
The EBRD is supporting Kazakhstan with the implementation of its Power Sector Development Plan by providing a $30 million loan for efficiency improvements and an upgrading of PavlodarEnergo’s combined heat and power plant CHP-3.
The investment, which includes the purchase and installation of a new turbo generator, will improve the plant’s fuel efficiency rate and lead to a reduction of CO2 emissions per unit of electricity produced. The investments will achieve higher efficiency, increase capacity to address growing industrial and residential demand in Pavoldar and contribute to the improvement of environmental standards at the plant.
Kazakhstan’s rapidly growing economy is highly energy intensive and demand is rising steeply, requiring significant investments in the power and energy sector. The Government of Kazakhstan and the EBRD are currently jointly developing a Sustainable Energy Action Plan which promotes the conservation and rational use of energy resources as well as the efficient and sustainable supply of power and energy.
With 440 MW installed capacity PavoldarEnergo’s CHP-3 is the second largest power plant in Kazakhstan. Pavlodar is a city in the country’s north east with 300,000 inhabitants and home to major rapidly growing energy-intensive industries.
Nandita Parshad, EBRD Director for Power and Energy, said that the project demonstrates the Bank’s readiness and capacity to support Kazakhstan’s efforts to set the economy on a track of sustainable growth, economic diversification and competitiveness. The implementation will support local private business through more efficient supply of power and energy, she added.
Erkyn Amirkhanov, Chairman of PavlodarEnergo’s Board of Directors, said that “the financing we are receiving from the EBRD constitutes an important milestone in our development, in particular our company’s ability to attract competitive long term financing from international financial institutions.”
To-date, the EBRD has invested about $2.5 billion through selected projects that support economic diversification, entrepreneurial activities and job creation in Kazakhstan.
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