KCM obtains investment income from Astana energy complex modernization project

Baiterek Venture Fund (BVF), a subsidiary of Kazyna Capital Management (KCM) obtained a circa KZT 450 million investment income for participation in the project of Central-Asian Electric Power Corporation JSC (CAEPCO).

Resolution for payment was adopted by agreement of the parties.

“In 2015 we made investment in Astana energy complex modernization project implemented by CAEPCO. Participation of BVF as a shareholder in this backbone project has resulted in obtaining a circa KZT 450 million investment income as of today. But our participation in the project does not end here since we expect to support the project until 2022”, said Asset Sagimbekov, Deputy Chairman of the Management Board of Kazyna Capital Management JSC.

We remind that in October 2015 Kazyna Capital Management JSC invested KZT 1.8 billion in Astana energy complex modernization project through its private equity fund - Baiterek Venture Fund JSC. Central-Asian Electric Power Corporation JSC, the largest private vertically integrated holding in the power and heat supply sector of Kazakhstan acts as the operator of the project. The group of companies CAEPCO provides circa 2 million people with heat and light in Astana, Pavlodar, Ekibastuz, Petropavlovsk as well as people of the North-Kazakhstan region.

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