EBRD and Green Climate Fund to provide $73.5 Million to Kazakhstan’s 100 MW Solar Project

The European Bank for Reconstruction and Development (EBRD) has announced that it has signed an agreement with a German company, Joachim Goldbeck Holding GmbH,  to develop a 100 MW solar project in the Karaganda region of Kazakhstan. This will be the largest solar power project developed at one time in Central Asia.

EBRD will offer a local-currency loan equivalent to $51.3 million and there will be another loan of up to $22.2 million from the Green Climate Fund (GCF). This will help Kazakhstan’s private sector to play a superior role in the power and energy sector, which is chiefly dominated by state enterprises.

A special-purpose company, SES Saran LLP, has been integrated to execute the solar park project which is owned by Joachim Goldbeck Holding GmbH.

It is anticipated that Saran solar project will help ease carbon emissions by 93,500 tons per year and give to Kazakhstan’s national emission reduction targets. The project is part of the EBRD-GCF Kazakhstan renewables framework. GCF has contributed $110 million and intends to increase investments in renewable energy, provide technical assistance and build institutional capacity for energy integration and carbon market policies and planning.

The EBRD has invested over €7.5 billion ($ 8.5 billion) through 246 projects in the economy of Kazakhstan. It has also committed €26.7 billion ($ 30.3 billion) in Green Economy Transition since 2006.