In the first joint internationally financed project in renewable energy the European Bank for Reconstruction and Development is organizing a loan together with the Clean Technology Fund (CTF) and the Asian Development Bank (ADB) to fund the construction of a 50 MW solar power plant in Baikonur in central Kazakhstan.
Courtesy of EBRD
The financial package will consist of two senior secured loans of up to $30,000,000 from the EBRD and up to $10,400,000 from the Clean Technology Fund. The ADB is providing a loan of up to $12,000,000 to co-finance the project.
To date, the EBRD has been the sole project finance provider for renewable projects in Kazakhstan.
The investment includes the development, construction and operation of a ground-mounted fixed-installed solar photovoltaic power plant with a total capacity of up to 50MWp and an associated new substation in the Kyzylorda region of south Kazakhstan. The new plant will lead to the reduction of annual CO2 emissions by 75,000 tonnes.
This is the fifth project approved under the EBRD Kazakhstan Renewables Framework.
The recipient of the loan is Baikonur Solar LLP, a 100 percent subsidiary of United Green, a privately owned strategic investment group.