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Asian Development Bank to support largest power project in Central Asia

Business Materials 3 July 2019 15:23 (UTC +04:00)

Baku, Azerbaijan, July 3

By Nargiz Sadikhova - Trend:

Asian Development Bank (ADB) has allocated $30.5 million loan to build and operate a solar plant in Kazakhstan, Trend reports with reference to the bank.

The Asian Development Bank has signed an agreement for a $30.5 million loan to M-KAT Green LLP to build and operate a solar plant to ease power supply shortages and boost the share of renewable sources in the country’s energy mix.

“This will be one of the largest solar power projects in Central Asia and an important step forward given that Kazakhstan’s electricity sector needs significant investment to expand capacity to meet rising energy needs,” said Investment Specialist at ADB’s Private Sector Operations Department Wolfgang Pocheim.

The 100 megawatt power plant is already under construction in the country’s southeast, near the town of Shu in the Jambyl Region. It will cover 500 hectares and is scheduled to be operational by the end of this year.

Coal-fired power plants account for 80 percent of electricity generated in Kazakhstan. Around 70 percent of installed capacity is considered technically obsolete, and power shortages persist, especially in the southern region. In 2013, Kazakhstan announced a plan to transition to a green economy and boost the share of clean energy to 50 percent of total power generation by 2050.

The power plant will help Kazakhstan fulfill its commitments to contribute to the Paris Agreement on climate change by reducing carbon emissions.

(1 USD = 383.47 KTZ on July 3)

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