The construction of a 50 MW solar power plant will be co-financed by the Asian Development Bank and the Clean Technologies Fund
Development of RES is one of the priorities of the Republic of Kazakhstan
•EBRD, Asian Development Bank and Clean Technology Fund co-finance 50MW solar park Baikonur-Solar
•The first co-financed RES project in Kazakhstan
•The project will reduce CO2 emissions by 75,000 tons
In the first joint project of international financing in the field of renewable energy sources, the EBRD is organizing a loan jointly with the Clean Technologies Fund and the Asian Development Bank (ADB) to finance the construction of a 50 MW solar power plant at Baikonur in central Kazakhstan, a region famous for the Baikonur Cosmodrome.
The financial package will consist of two senior secured loans of up to US $ 30,000,000 in tenge from the EBRD and up to US $ 10,400,000 in US dollars and euros (US $ 8,786,000 and US $ 1,112,195) from the Clean Technology Fund . ADB will provide a loan of up to USD 11,500,000 in tenge.
To date the EBRD is the only financial institution that provides project financing for RES projects in Kazakhstan.
Investments include the development, construction and operation of a stationary solar power plant with a total capacity of up to 50 MW and a new substation in the Kyzylorda region of South Kazakhstan. The new project will reduce the annual CO2 emissions by 75,000 tons.
This is the fifth project approved under the Renewable Energy Program of the EBRD. To date, the EBRD has invested more than $ 8.7 billion in the economy of Kazakhstan. The recipient of the loan is Baikonur Solar LLP, a 100% subsidiary of the private British investment holding United Green.
The agreement on cooperation and project support was signed by the Minister of Energy Mr. Kanat Bozumbaev and EBRD First Vice President Jurgen Rigterink.
Thanks to measures of state support in the field of renewable energy sources adopted by the Government of the Republic of Kazakhstan, a significant amount of foreign and domestic investments are currently being attracted, as evidenced by the signing of this Agreement.
The agreement will make it possible to implement the project and thereby contribute to the achievement of target indicators in the field of renewable energy sources envisaged in the documents of the country's state planning system, will create additional jobs in the region and attract foreign investment