Tuesday 13 June 2017
Sun shines on Kazakhstan with $54.5m solar loan
A 50MW solar project in Kazakhstan has secured long term loans of $54.5 million (£42.9m).
The Burnoye Solar-2 facility will receive $44.5 million (£35m) from the European Bank for Reconstruction and Development (EBRD) and $10 million (£7.9m) from the Clean Technology Fund (CTF).
The investment in the southern Zhambyl region follows the construction of Burnoye Solar-1, the country's first utility-scale renewable energy project under new legislation allowing private investment in the sector.
Burnoye Solar-1 and 2 are together expected to cut carbon dioxide by 150,000 tonnes annually, neutralising emissions from 30MW of domestic coal-fired power plants.
The funding comes as part of a $200 million (£157.4m) EBRD renewable energy financing framework for the Central Asian nation, which is still more than 70% dependent on coal for energy production.
The installation, which will cost an additional $80 million (£63m) on top of the loans, will be built by investment group Samruk Kazyna United Green Energy.
Nandita Parshad, Managing Director of Energy and Natural Resources at the EBRD, said: "Kazakhstan needs more projects like Burnoye.
"Following the success of Burnoye Solar-1 this second project is a demonstration that Kazakhstan is truly a part of the global renewable energy revolution that is happening right now."
