EBRD and Green Climate Fund commit up to US$ 6.4 million to finance new solar plant in Kazakhstan

The EBRD, in partnership with the Green Climate Fund (GCF), is stepping up its efforts to support renewables in Kazakhstan with a loan of up to US$ 6.4 million to finance a new 10 MW solar plant in the Zhanakorgan District in southern Kazakhstan.

The plant will generate over 14.8 GWh of electricity per year and will help to reduce CO2 emissions by close to 13,000 tonnes per year.

This is the first solar plant in Kazakhstan to be developed under an auction scheme, a system supported by the EBRD to promote competitive pricing and stimulate investments into renewables.

The financing package arranged by the EBRD comprises a loan of up to KZT 1.7 billion (US$ 4.4 million) in local currency and in US dollars, as well as up to US$ 2 million from the GCF.

This is the 10th project signed under the Bank’s Kazakhstan Renewables Framework, a €200 million facility for financing renewable energy projects in Kazakhstan. The framework was approved in 2016 and benefits from a US$ 110 million contribution from the GCF. In September 2019, the Bank approved a €300 million extension of the Kazakhstan Renewables Framework.

Original source: EBRD
Published on 26 September 2019