EDB, Eurasian Bank provide $180 mln for modernization, expansion of Kazakhstan's Ust-Kamenogorsk power plant
ASTANA. Feb 13 (Interfax) - The Eurasian Development Bank (EDB) and Eurasian Bank JSC have provided long-term financing totaling $180 million for the modernization of the Ust-Kamenogorsk Combined Heat and Power Plant, the EDB press service said.
"The Eurasian Development Bank, as the lead financial institution, and second-tier bank Eurasian Bank JSC have provided long-term debt financing totaling $180 million for the implementation of the project to modernize and expand the Ust-Kamenogorsk CHP plant. As part of the co-financing, the EDB and Eurasian Bank have opened long-term credit lines in the amount of $90 million from each bank," it said.
Additionally, the EDB provided grant funding for the development of design and estimate documentation for the project implementation.
The project to modernize and expand the Ust-Kamenogorsk CHP plant will increase the plant's electrical capacity by 100 MW and its thermal capacity by 130 Gcal/h, which will solve the problem of electrical power shortage in Ust-Kamenogorsk. The project is part of Kazakhstan's National Project for the modernization of the energy and utility sectors.
The new power unit will be equipped with modern energy and environmental systems. The high level of dust removal and reduction of nitrogen oxide, sulfur, and carbon emissions will significantly reduce the environmental impact, the bank's statement indicates.
Ust-Kamenogorsk CHP Plant LLP is the largest producer of thermal and electrical energy in the East Kazakhstan region. The installed thermal capacity is 859.9 Gcal/h, and electrical capacity is 372.5 MW. The company produces thermal energy for large industrial enterprises and covers more than 80% of the load of the city's housing and communal services sector. The company is part of the Kazakhstan Utility Systems LLP group (long-term Fitch rating at "BB-").
The Eurasian Development Bank (EDB) is a multilateral development bank. By the end of 2025, the EDB's accumulated portfolio included 326 projects with a total investment of $19.6 billion. The main share of the EDB's portfolio consists of projects with integration effects in the areas of transport infrastructure, digital systems, green energy, agriculture, industry, and mechanical engineering. Within the framework of its 2022-2026 Strategy, the EDB is implementing three megaprojects: the "Water and Energy Complex of Central Asia," the "Eurasian Transport Framework," and the "Eurasian Commodity Distribution Network."
Eurasian Bank JSC is part of the ERG group ecosystem. As of December 1, 2025, it ranked 7th in terms of assets among 23 banks in Kazakhstan.
