EBRD and World Financial institution finance solar energy mission in Kazakhstan
The European Bank for Reconstruction and Development, the UN Green Climate Fund and the World Bank’s Clean Technology Fund will provide US $ 42.6 million to build a solar power plant in the Karaganda region of central Kazakhstan. The Kazakh portal in italics quoted the EBRD press service on September 18.
The financing package of USD 42.6 million will be made available to the German developer Goldbeck Solar Group. The loan consists of a local currency EBRD loan of up to US $ 28 million, a concession loan of up to US $ 11.5 million from the Green Climate Fund (GCF) and a concession loan of up to US $ 3.1 million from the Clean Technology Fund (CTF).
A solar power plant with a capacity of 76 MW is being built in the center of Kazakhstan. The station will have double-sided modules that can generate solar energy from either side of the panel. It will be one of the first completed renewable energy projects in Kazakhstan to be implemented through an auction mechanism.
The new solar power plant will help reduce annual carbon dioxide emissions by more than 80,000 tons per year.
The investments are in line with the EBRD’s framework agreement to finance renewable energy sources in Kazakhstan for a total of EUR 500 million. The document was signed in 2016 and expanded in 2019.
The EBRD launches a green economy support program in Kazakhstan. The bank invested more than EUR 8.63 billion in the country’s economy as part of 273 projects.