EBRD & GCF Finances $50.4 Million for Solar Project in Kazakhstan

The European Bank for Reconstruction and Development (EBRD) has announced that it will be financing 50 MW solar power project in southern Kazakhstan. The proposed financing package arranged by the EBRD includes a local currency loan of up to  $40.4 million in Kazakhstan Tenge and a loan of up to $10 million from the Green Climate Fund (GCF).

The new project, which will be positioned in Chulakkurgan, south Kazakhstan, is estimated to generate over 102 GWh of electricity per year and will help reduce carbon emissions by 86,000 tons per year.

The EBRD has collaborated this investment with Risen Energy, This is EBRD’s second project with Risen after the two organisations worked together to deliver a 40 MW solar plant in the Karaganda region of the country.

The recent project is the one to be signed under the Bank’s Kazakhstan Renewables Framework, a €200 million ($228 million) facility for financing renewable energy projects in Central Asia, which benefits from a $110 million contribution from the GCF.

The EBRD is sustaining the implementation Kazakhstan government’s strategy linked to  renewable energy and carbon market as part of the framework. In 2018, under the Green Economy Transition Approach, the Bank mobilized investments worth €3.4 billion into green economy projects.