The European Bank for Reconstruction and Development (EBRD) has announced to provide a loan of EUR106m to the Central Asian Electric Power (CAEPCO), private power operator in Kazakhstan.
CAEPCO will use the loan to modernize and upgrade its energy generators and electricity distribution networks in the cities of Pavlodar and Petropavlovsk in Kazakhstan.
The operator will utilize the amount to reduce heat, prevent electricity losses, increase efficiency, and reduce pollution.
It is expected that the improvements will save about half a million tons of greenhouse gas emissions a year, which is equivalent to saving half a day of emissions for the entire country.
CAEPCO chairman and board director Alexander Klebanov said the company is implementing investment program to improve reliability of power equipment and render quality services to consumers.
"Even before this deal, we invested tens of millions of US dollars into modernisation and renovation of outdated and worn-out equipment and to improvements of environmental standards," Klebanov added.
CAEPCO produces almost 6% of electricity production in Kazakhstan and serves about a million customer.