Baku, Azerbaijan, July 23
By Nargiz Sadikhova - Trend:
Eurasian Development Bank (EDB) has allocated funding to Hevel Kazakhstan (Russian Hevel Group's Kazakh subsidiary) for the purchase of the right for the construction and following use of the solar park in Kazakhstan, Trend reports with reference to press office of the bank.
EDB allocated funding to Hevel Kazakhstan for the purchase of 95 percent of the share of the authorized capital of KB Enterprises. KB Enterprises possesses rights for the construction and subsequent use of Nura solar plant of 100 MW of capacity near Kabanbai batyr settlement in Kazakhstan’s Akmola region.
The funding of EDB allowed for the subsidiaries of Hevel to increase the portfolio of projects in Kazakhstan to 178 MW and to launch the construction of solar plant of 108 MW capacity. The company is planning to use own solar modules manufactured at Russian ventures in the construction.
The energy manufactured at the solar plants in 2020 will be supplied to the wholesale market of Kazakhstan via АО KEGOC electricity network.
The Eurasian Development Bank is a regional development bank established by the Russia and Kazakhstan in 2006 to promote economic growth in its member states, extend trade and economic ties among them, and support integration in Eurasia through investment.
The Hevel Group was founded in 2009 and is Russia's largest integrated solar energy company. Its key activities are focused on high-tech manufacturing of solar modules, construction and operation of solar power plants and research in the field of solar energy.
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