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Kazakhstan invests up to $12 million in high-tech greenhouseCCL Kazakhstan “Silk Road” Agriculture Growth Fund, managed by CCL Capital (the Emerging Europe arm of ADM Capital) and led by two cornerstone investors, National Management Company “KazAgro” JSC and Hungarian Export-Import Bank, announced the completion of the transaction with FoodVentures B.V., Dutch glasshouse operator, and the local partners to form the joint venture – Green Capital Kazakhstan LLP, to construct and operate a high-tech greenhouse complex in Aktobe region, Kazakhstan.
The greenhouse complex will be constructed in several stages over three years, and differs from others in Kazakhstan in that it involves semi-closed glasshouses using the latest fifth-generation climate control technology based upon “Ultra Clima” technology supplied by KUBO Group (Netherlands). Ultra Clima greenhouses enjoy 20% higher efficiencies on average when compared with traditional greenhouses. The project will ultimately construct four blocks of a greenhouse complex over a total net area of 20 hectares.
“We started our greenhouse business with a small project in the Aktobe region a few years ago. During this time, we were able to develop and prove that greenhouse farming in Kazakhstan is a very attractive area for investments. When considering options to expand, we found CCL Capital’s ability to source and implement the latest international technologies and their sense of partnership and teamwork to be an ideal fit for our needs,” said Mr. Kuanysh Kabidenov, the Kazakhstan project partner.
Mr. Orinbasar Kuatov, Partner of CCL Capital, noted that agriculture is one of the key drivers of Kazakhstan's economic development today. “As an international investment organization, we are constantly analyzing the markets of Kazakhstan and other CIS countries. Currently, we see great potential in the development of food and agribusiness sectors, and a corresponding increase in interest from foreign investors. This Fund is the first CCL Capital fund launched in the Central Asia region, following on the heels of two very successful ADM Capital sponsored private equity funds. The fund is the result of an initiative between the leaders of Kazakhstan and Hungary”. He added that, “CCL Capital’s experienced fund management team based in Almaty are one of the most experienced teams for successfully executing deals in this region and we are always ready to consider new and attractive projects in Kazakhstan”.
Mr. Dirk Aleven, Partner of FoodVentures B.V., noted: “We are confident that our experience in operating similar projects in other countries, as well as the latest technologies of leading Dutch agricultural companies, will help us to achieve all planned indicators as soon as possible. The application of the Ultra Clima technology will create strong competitive advantage with lower operational costs and better quality of products”.
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Publication date: 10/10/2017
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