Ekibastuz Power Station 2

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In October 2000, Kazakhstan and Russia had reached an agreement whereby Russia's UES would receive a 50% in the Ekibastuz State Regional Power Station 2 in Pavlodar -- the last power station not to be privatized -- to cancel out Kazakhstan's $300 million debt to UES for electricity supplies. Russia and Kazakhstan plan to eventually create a vertically integrated company called the Ural Heating and Energy Complex, which will unite several Russian power stations with Ekibastuz and two coal mines in north Kazakhstan. The Ekibastuz GRES - 2 power plant generated some 35 billion kw/h of electricity during the year 2000. It operates two energy blocks and ships power to consumers in southern Kazakhstan. On February 1, 2001, the GRES-2 officially became part of the Russian - Kazakhstani energy joint venture UralTEC. Unified Energy Systems (UES) Russia, also known as RAO UES Rossii, is owned by Russian government (53%), and foreign shareholders (33%). Following the power sector restructuring from 2003-2008 in Russia, the RAO UES no longer exists. It split into various subsidiaries among which is InterRAO UES which has been the holder of 50% stake in Ekibastuz since 2008. The other 50% stake in Ekibastuz GRES-2 is owned by AO "Sameruk-Energo", which is controlled by the government of the Republic of Kazakhstan. In June 2010, JSC Ekibastuz Gres-2 obatined two loans - a US$385 million and US$395.1 (RUB 12,000 million) loan from the Eurasian Development Bank SC Vnesheconombank maturing in 2025. The Company's shareholders issued guarantee to the banks at the amount of 50% of the two loans and the Company's Board of directors have pledged the shares of JSC Stantsiya Ekibastuzskaya GRES-2 as a collateral. The Company's liability under the guarantee and collateral is limited by 50% of the two loans obtained by the entity; the other 50% are to be guaranteed and collateralised in the same form by the other venturer, Samruk-Kazyn.