The EDB provides EUR 101.2 million to Minskenergo to build a peaking power plant that will improve the reliability of Belarus’s power system

16 February 2021

Minsk, 16 February 2021. On 15 February 2021, the Eurasian Development Bank (EDB) and Minskenergo signed a EUR 101.2 million long-term loan facility agreement to finance the supply of key power equipment under a contract with SIEMENS Energy AB as part of the project to construct a 300 MW peaking power plant at Combined Heat and Power Plant (CHPP) 5. To finance the project, the EDB raised a loan from a consortium of leading German banks – KFW IPEX Bank and Landesbank Hessen Thuringen Girozentrale. The loan is insured by EKN, the Swedish Export Credit Agency.

Minskenergo builds the 300 MW peaking power plant at CHPP 5 in accordance with a package of measures aimed at balancing the system during the periods of maximum and minimum consumption, creating the backup capacity to prevent interruptions in power supply, and improving the reliability and safety of the power system.

“The EDB has one of the highest credit ratings in the region, which builds on trust from our partners in the capital markets. The Bank is proud to take part in developing and maintaining the reliability of Belarus’s energy system. I would like to note that the project is being implemented in accordance with international environmental and social standards,” said Nikolai Podguzov, Chairman of the EDB Management Board.

Additional Information:

The Eurasian Development Bank (EDB) is an international financial institution promoting integration and development in its member countries – Armenia, Belarus, Kazakhstan, the Kyrgyz Republic, Russia, and Tajikistan. The EDB's charter capital totals US $7 billion. The Bank was established in January 2006 by Russia and Kazakhstan and is headquartered in Almaty. Transport infrastructure, energy, chemical, mining, and mechanical engineering projects with a high integration effect account for the main part of the EDB’s portfolio.

Minskenergo, a republican unitary power sector enterprise based in Minsk, is a vertically integrated state-owned company that produces, transports, distributes, and sells heat and electricity and manages dispatch in the regional energy system of Minsk and Minsk Region. Minskenergo is part of the Belenergo state-owned electric power association and is in charge of managing and operating state-owned power plants and electricity and heating grids in Minsk and Minsk Region.

The EDB Media Centre:

Alexander Savelyev +7 (985) 765 23 59 (Moscow)

Azima Sapargaliyeva +7 (777) 750 00 08 (Almaty)

Sergey Gorbachev +7 (916) 727 22 00 (Moscow)

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