BAKU, Azerbaijan, Jul. 1
By Nargiz Sadikhova - Trend:
The European Bank for Reconstruction and Development (EBRD) has approved a €24.9 million loan in local currency equivalent for the creation of a solar power plant located in Kazakhstan, Trend reports with reference to the EBRD.
The loan provision was approved Jun. 23, 2020 and will be allocated for development, construction and operation of a 76 MWp solar PV power plant located in country’s Karaganda region.
The EBRD said that the loan was allocated to KazSolar 50 LLP, which is a a special purpose vehicle incorporated in Kazakhstan for creation of a 50 MWp solar PV power plant, and the subsequent 26MW extension located in Karaganda region.
“The Project will support Kazakhstan in its objective to increase the share of renewable energy in the energy mix and will contribute to achieving the Kazakhstan government's goal of renewable energy source sector (apart from large hydro) accounting for 3 percent all power generation by 2020 (10 per cent by 2030),” the report said.
Thus, EBRD is allocating €24.9 million loan in local currency equivalent (11.2 billion tenge or $27.9 million based on current exchange rate), whereas the total cost of the project’s creation is 26.2 billion tenge ($64.8 million).
The EBRD is a pioneer in financing projects that promote renewable energy and combat climate change. To date, the EBRD has signed €34 billion in green investments, financed more than 1,900 green projects and reduced over 102 million tons of carbon dioxide emissions.
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