EBRD, GCF finance 10MW solar plant in Kazakhstan
The European Bank for Reconstruction and Development, along with the Green Climate Fund (GCF), has agreed a $6.4 million loan to finance a new 10MW solar plant in the Zhanakorgan District in southern Kazakhstan.
The financing package arranged by the EBRD comprises a loan of up to KZT 1.7 billion ($ 4.4 million) in local currency and in US dollars, as well as up to $2 million from the GCF.
The plant will generate over 14.8GWh of electricity per year and will help to reduce CO2 emissions by close to 13,000 tonnes per year.
The project deal was signed during the XII Kazenergy Eurasian Forum in Nur-Sultan, Kazakhstan, by Aida Sitdikova, EBRD Director of Energy Eurasia for Sustainable Infrastructure Group; Kanat Bozumbayev, Minister of Energy of the Republic of Kazakhstan; and Vladimir Slavev Tabutov, General Manager of the borrower, HEC-K T LLP, a subsidiary of Hydroenergy Company JSC, a Bulgaria-based company with extensive experience in construction, operation and maintenance of PV plants across the globe.
It represents 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.
