EBRD to finance construction of solar power plant in Kazakhstan
Baku, Azerbaijan, Oct. 19
By Rashid Shirinov – Trend:
The European Bank for Reconstruction and Development (EBRD) will partially finance the construction of a new solar power plant in Kazakhstan’s Kyzylorda Region.
The respective loan and project support agreements were signed in Brussels on Oct. 18. The plant will have a capacity of up to 28 megawatts, and its operation will lead to a reduction of annual carbon dioxide emissions by 47,800 tons, the EBRD said in a statement.
The financing of up to $35 million will be provided in the Kazakh tenge. The project will help develop Kazakhstan’s potential in renewables and strengthen the private sector’s involvement in the power and energy sector, the EBRD noted.
The solar park project will be implemented by Nomad Solar LLP, a company owned by the French company Total Eren SA and the UAE company Access Infra Central Asia Ltd.
To date, the EBRD has invested over $8.7 billion in the economy of Kazakhstan and has been the sole project financer for renewables projects in the country.