OREANDA-NEWS. July 12, 2010. An agreement on financing of construction of the third power cell at Ekibastuz GRES-2 was signed in Astana at presence of Russian President Dmitry Medvedev and Kazakhstan President Nursultan Nazarbaev, thereby, marking the beginning of the implementation of a large-scale investment project EKIBASTUZ GRES-2 in Kazakhstan, Samruk-Energo and OAO INTER RAO EAS major shareholders, through long-term financing by Eurasian Development Bank and State corporation "Bank for development and foreign economic affairs (Vnesheconombank)", reported the press-centre of KASE.

The project envisages the construction of the third power cell at Ekibastuz GRES-2 with 500 MWt power capacities.

Eurasian Development Bank and Vnesheconombank on a parity basis will grant an USD770 m multicurrency 15-year credit. The project value is USD800 m.

"The project is facilitating the unity of the energy systems of Russia and Kazakhstan, and the development of integration at former Soviet space. This is an important step towards a unified energy market within EurAzEC, - said EDB Chairman Igor Finogenov. - The project is ensuring growth of mutual trade and investment: the power plant belongs at equal shares to Russian and Kazakhstan shareholders, significant part of the energy generated with the station is exported to the unified energy system of the Russian Federation, the equipment for the new power cell will be supplied by the Russian manufacturers".

Eurasian Development Bank has been in cooperation with EKIBASTUZ GRES-2, Samruk-Energo and OAO INTER RAO EAS since 2007. In particular the Bank opened an USD93.5 m 10-year credit line to EKIBASTUZ GRES-2 to finance the "Program for improving technical state of the power plant".