€106m loan for Kazakhstan’s electricity networks upgrade

A London-based bank has provided loan a worth €106 million (£90.8m) to help Kazakhstan upgrade its electricity networks. The Central Asian Electric Power Corporation (CAEPCO) will use the cash to […]

Register now!

By Priyanka Shrestha

A London-based bank has provided loan a worth €106 million (£90.8m) to help Kazakhstan upgrade its electricity networks.

The Central Asian Electric Power Corporation (CAEPCO) will use the cash to reduce heat and electricity losses – which means more efficiency and less pollution – and will also upgrade energy generators and electricity distribution networks in the cities of Pavlodar and Petropavlovsk.

The European Bank for Reconstruction and Development (EBRD) has also granted a €400,000 (£342,500) loan to the Ministry of Environmental Protection to improve environmental standards and more than €160,000 (£137,030) for energy efficiency-associated audits and research.

The improvements are expected to save almost half a million tonnes of greenhouse gas emissions a year.

Sir Suma Chakrabarti, EBRD President said: “We support the Government’s drive to have a greener and more efficient country. What makes this deal even more important is that this improvement in efficiency will be made by a private company. We call on the government to raise standards in the industry to international levels, which will enable entrepreneurs to help the country go greener.”

CAEPCO accounts for nearly 6% of electricity production in Kazakhstan, serving almost a million customers.

The EBRD also recently provided £3.3 million for energy efficiency in Kosovo and more than £50 million for a new Montenegro-Italy interconnector.