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EBRD, GCF commit over $70M to solar plant construction in Kazakhstan

30 November 2018 12:27 (UTC+04:00)
EBRD, GCF commit over $70M to solar plant construction in Kazakhstan

By Trend

The European Bank for Reconstruction and Development (EBRD) and the Green Climate Fund (GCF) committed $73.5 million for the construction of a 100MW Saran solar plant in Kazakhstan’s Karaganda region, the EBRD said in a message.

Loan and project support agreements were signed in Astana for the largest solar power plant built at one time in Central Asia.

The financing package arranged by the EBRD includes a tenge loan of the equivalent of up to $51.3 million, as well as a loan of up to $22.2 million from the GCF. The project will help to develop Kazakhstan’s potential in renewable energy and strengthen the private sector’s involvement in the power and energy sector, historically dominated by state entities.

The solar plant project will be implemented by SES Saran LLP, a special-purpose company incorporated in Kazakhstan and ultimately owned by the German group Joachim Goldbeck Holding GmbH, which is now developing a portfolio of solar projects worldwide.

"The new solar plant will help reduce CO2 emissions by 93,500 tons per year and contribute to Kazakhstan’s national emission reduction targets as well as the EBRD’s Green Economy Transition strategy," the EBRD noted.

The project is part of the EBRD-GCF Kazakhstan Renewables Framework designed to increase investments in renewables, provide technical assistance and build institutional capacity for energy integration, renewable energy, carbon market policies and planning, with a total GCF contribution of $110 million.

To date, the EBRD has invested over 7.5 billion euros through 246 projects in the economy of Kazakhstan. Private sector support and diversification are among the Bank’s priorities in the country.

It is also noteworthy that the EBRD has committed 26.7 billion euros in its Green Economy Transition approach since 2006, with 6.3 billion euros invested in renewable energy, both directly and through credit lines, and over 10,000 MW of total renewable capacity installed.

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