"Development Bank of Kazakhstan" JSC (DBK, Bank) signed an agreement on the opening of a credit line with JSC "Almaty Electric Stations" (AlES). The funds allocated together with other creditors – the Asian Development Bank and the European Bank for Reconstruction and Development – will be used to modernize the Zhakutov CHP No. 2 in Almaty.
As a result of the project, the completion of which is planned for the end of 2026, the installed electric capacity of the equipment of this CHP will grow from 510 MW to 600 MW, and the thermal capacity will be 957 Gcal.
At the same time, the transfer of the station to a more environmentally friendly type of fuel – natural gas instead of coal – will reduce the negative impact of the station on the environment. Thus, emissions of sulfur dioxide and ash (dust) into the atmosphere will be completely eliminated, and carbon dioxide (CO2) will be reduced by one and a half times.
"Although AlES is a quasi-public company, DBK entered the project for two reasons. Firstly, there is co-financing with the participation of international financial institutions. Secondly, the project complies with the ESG principles, reducing the impact of the CHP on the environment and at the same time increasing the reliability of energy supply to the Almaty agglomeration. The environmental agenda of this project was of high importance when we decided on financing," comments Marat Yelibayev, Deputy Chairman of the DBK Management Board.
Asel Arginbayeva, Managing Director for Economics and Finance of ALES emphasized: "We are carrying out systematic step-by-step work to prepare the implementation of the above-mentioned project. And the signing of today's agreement is an important step in its promotion from the point of view of the start of construction on time. We are entering a new stage of joint work."
The credit agreement was signed by Asel Arginbayeva, Managing Director for Economics and Finance of AlES and Marat Yelibaev, Deputy Chairman of the Management Board of DBK.
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