Samruk-Energy transformation loan

Overview
Project Summary Document
Environmental and Social Documentation
Procurement
Complaints

Project ID 48308

Status Complete

Location

Kazakhstan

Business Sector

Energy

Notice Type

State

Project timeline

Exploratory
Passed Concept Review
Passed Structure Review
Passed Final Review
Board Approved
Signed
Implementing
Completed

Project ID 48308

Status Complete

Location

Kazakhstan

Business Sector

Energy

Notice Type

State

Environmental Category

Approval Date

02 Nov 2016

Disclosure date

17 Mar 2016

As per section 1.4.2 (iii) of the Directive on Access to Information: "For Projects approved by Bank management where the Board of Directors has delegated the approval authority, the PSD shall be disclosed at the start of the relevant no-objection notification period to a member country of the Bank in accordance with Article 13 (iii) of the Agreement Establishing the EBRD."

Translated version of this PSD: Russian

Project Description

A multicurrency loan of the amount of up to EUR 150 million equivalent to JSC Samruk-Energy, a state owned power utility, to support the company in the privatisation process as part of Samruk-Kazyna Transformation and Privatization strategy. The loan proceeds will be used towards balance sheet restructuring.

Project Objectives

The proposed operation will allow the Bank to support the existing client on its path to privatization.

The Bank is expected to contribute to the company's transformation program ahead of the asset spinoff and public listing through consultation, particularly in the area of corporate governance.

Overall, the operation should have a strong demonstration effect of successful restructuring through privatization and transformation.

Transition Impact

The ultimate goal of the proposed operation is to help Samruk-Energy to successfully sell part of its assets to private investors, reduce leverage, modify business processes in the remaining businesses and become a transparent and efficient power company, an attractive investment for prospective IPO investors.

The Bank's role would be to facilitate this transformation process at each step through knowledge and expertise sharing providing additional comfort to potential investors.

Client Information

SAMRUK ENERGY JSC

Samruk-Energy is an existing client of the Bank since 2010. The Company is 100% owned by JSC Sovereign Wealth Fund Samruk-Kazyna. Samruk-Energy is a vertically integrated power holding with a total installed capacity of 8GW, 38% of the total installed capacity in Kazakhstan.

EBRD Finance Summary

KZT 60,000,000,000.00

Total Project Cost

KZT 184,000,000,000.00

Environmental and Social Summary

Category B. In accordance with the Bank's Environmental and Social Policy, provision of corporate financing to a multi site operation requires a Environmental and Social Due Diligence (ESDD) to assess the company's current and future operations as well as institutional capacity to implement the Bank's Performance Requirements. An independent consultant will be retained to undertake the ESDD. Specific attention will be placed on current environmental performance and need for upgraded to attain National and EU best standards. Based on the ESDD an Environmental and Social Action Plan (ESAP) will be developed and agreed with the company and included in the legal documentation to comply with the Bank's Environmental and Social Policy and relevant Performance Requirements.

Non-technical summary: English | Russian

Technical Cooperation

To be explored.

Company Contact Information

Aidar Nurgaliyev
a.nurgaliyev@samruk-energy.kz
+77172553078
www.samruk-energy.kz
The Republic of Kazakhstan, 010000, Astana, Kabanbay batyr, 15A

Transition impact

ETI Score:80

PSD last updated

29 Nov 2019

Business opportunities

For business opportunities or procurement, contact the client company.

For state-sector projects, visit EBRD Procurement: Tel: +44 20 7338 6794
Email: procurement@ebrd.com

General enquiries

EBRD project enquiries not related to procurement:
Tel: +44 20 7338 7168
Email: projectenquiries@ebrd.com

Public Information Policy (PIP)

The PIP sets out how the EBRD discloses information and consults with its stakeholders so as to promote better awareness and understanding of its strategies, policies and operations. Please visit the Public Information Policy page below to find out how to request a Public Sector Board Report.
Text of the PIP

Environmental and Social Documentation is not available for this project.

Selected procurement notices related to this project may be shown below. Further procurement opportunities related to this and other projects, if available, maybe be viewed in the EBRD Procurement Portal.

The EBRD's Environmental and Social Policy (ESP), Access to Information policy (AIP) and Project Accountability Policy (PAP) enable sound and sustainable development in its projects. The Independent Project Accountability Mechanism (IPAM) deals with complaints about environmental, social and disclosure matters related to the Bank’s investments.

No complaints about this project have been made so far.

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