Kazakh Development Bank considering to support renewable energy initiatives

Kazakh Development Bank considering to support renewable energy initiatives

Baku, Azerbaijan, Sept.16

By Nargiz Sadikhova – Trend:

The Development Bank of Kazakhstan (DBK) is considering the possibility of supporting the construction of bio and solar power plants in Karaganda and Almaty regions of the country, the bank told Trend on Sept.16.

According to the bank, the renewable energy projects have been considered since 2015, after the government of Kazakhstan for the first time established long-term fixed tariffs and introduced centralized purchases of electricity from various renewable energy facilities.

The first project of the bank in the field of renewable energy was the Turgusun hydroelectric power plant project in the East Kazakhstan region with a capacity of 24.9 MW. Its construction began in the spring of 2017 and is expected to be completed in the late 2020 or early 2021.

Moreover, to date, DBK has funded and commissioned two solar projects and one wind farm:

- Construction of the Zhylga photovoltaic power station in the Turkestan region with a capacity of 20 MW, the borrower for which is EcoProTech-Astana LLP. The bank provided financing for this project in the amount of 9 billion tenges ($21.1 million).

- Construction of a 100 MW solar power plant near ​​the city of Kapshagay, Almaty region, the borrower for which is ENEVERSE KUNKUAT LLP. The bank provided financing for this project in the amount of 10.8 billion tenges ($25.3 million).

The investment of these projects was carried out using project financing following the Law "On project financing and securitization of Kazakhstan".

- Construction of 100 MW ‘Astana EXPO-2017’ wind power plant (1 start-up facility with a capacity of 50 MW) in the Akmola region, the borrower for which is CAPEC Green Energy LLP. DBK provided financing for this project in the amount of 30.5 billion tenges ($71.5 million).

"DBK is ready to finance projects in the field of renewable energy sources. Following the Law of Kazakhstan ‘On supporting the use of renewable energy sources’, starting from the second year of electricity generation, auction prices are indexed annually: 70 percent for the change in the exchange rate of the tenge to convertible currencies and 30 percent for the consumer index prices," said the bank.

Thus, as the bank noted, it can finance the above projects in foreign currency despite the presence of only "tenge" incomes in the amount of up to 70 percent of the project cost.

"Currently, DBK is considering such projects as the construction of a bioelectric power plant, the construction of solar power plants in the Karaganda and Almaty regions," the bank concluded.

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Follow the author on Twitter: @nargiz_sadikh

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