March 21 (Renewables Now) - The European Bank for Reconstruction and Development (EBRD) is reviewing an application to provide up to USD 12 million (EUR 10.5m) in debt for the construction of a 30-MWp solar park in Kazakhstan.
The company behind the project is Zhangiz Solar LLP, a unit of China’s Universal Energy Co Ltd, which seeks financing to develop, build and operate the solar photovoltaic (PV) project near Zhangiztobe, in the country’s East Kazakhstan region.
According to a Project Summary Document (PSD) published on EBRD’s website on Tuesday, the project has passed concept review and is now pending final review. The total cost of the scheme is estimated at USD 22.5 million. Apart from the EBRD’s senior loan, the project is expected to receive up to USD 5 million from the Green Climate Fund.
Once operational, the solar park is expected to generate around 42,000 MWh of electricity that will help offset over 35,450 tonnes of carbon dioxide (CO2) emissions annually.
(USD 1.0 = EUR 0.875)