Karaganda GRES 2

active

This plant had 650-MW of installed capacity, although only 380-MW were effectively available prior to deal. The power plant was built in the 1960s and serves mainly industrial customers. It was acquired by Kazakh Power Partners Ltd., a joint venture company formed by E Prime (25%), Independent Power Corp. PLC (50%) and Samsung Corp. (25%) in March 1997. A subsidiary of e prime has been awarded the O&M contract. A PPA for 170-MW has been agreed with Samsung (which will sell the electricity on the wholesale market and to a nearby copper plant it owns). Three other units at the site with combined capacity of 1,040-MW were not involved in the tender. The deal also includes a commitment by IPC to build a new coal-fired power plant with capacity of 500-1300-MW at an expected cost of $400m. In 1998, Independent Power Corp. PLC sold its interest in Karaganda GRES 2 to Kazakhmys. As of end December 2009, Kazakhmys was the sole reported investor in the project. In turn, 15% of Kazakhmys was owned by the Kazakh government, 39% floated freely on the stock exchange and 46% was owned by a small number of private investors. Kazakhmys reported that the majority of the power produced at Karaganda GRES 2 was supplied to the company's industrial complexes in Zhezkazgan, Balkhash and Karaganda Oblast; the surplus was supplied to the grid. In 2009, the launch of a US$ 23 million turbine generator boosted the plants installed capacity from 608 MW to 663MW. Kazakhmys has three captive plants for which it releases CAPEX figures jointly. Karagada GRES-2 has 76.35% (663/868) of the total installed capacity and that share has been used to compute its respective CAPEX