ADB to Fund $11.5 Million for Solar Projects worth 50 MW in Kazakhstan

The Asian Development Bank (ADB) has announced that it has signed an $11.5 million loan contract with Baikonyr Solar LLP for the development of solar power in Kazakhstan.

The range of work includes the design, construction, commissioning, operation, and maintenance of a 50 MW solar power project with grid integration. The solar project is projected to produce 73 GWh hours of electricity per year.

The project entails of roughly 150,822 photovoltaic panels, 14 central inverter stations, and a substation which will be located in southern Kazakhstan spread over 150 hectares.

“Kazakhstan’s energy sector has mostly relied on coal with almost 80 percent of the country’s electricity generated from coal-fired power plants, which are mostly outdated and obsolete. ADB’s loan to Baikonyr will help Kazakhstan achieve its goal of increasing the share of renewable energy in the country to 50 percent by 2050 while reducing its carbon emissions,” believed Mohammed Azim Hashimi, ADB Senior Investment Specialist for Private Sector Operations.

This is the first time ADB has delivered long-term local currency financing for a solar project in Central Asia. It also marks ADB’s first co-financing with the European Bank for Reconstruction and Development (EBRD) in Kazakhstan’s renewable energy sector.

“Building on the highly successful track record of our existing solar projects in Kazakhstan, we are particularly happy to have with the ADB and BVF two new strategic partners on board for our landmark Baikonyr project,” held Albrecht Frischenschlager, UG Energy Director.