September 13 (Renewables Now) - The European Bank for Reconstruction and Development (EBRD) announced today it is extending up to EUR 300 million (USD 333m) in additional funds to support renewable energy in Kazakhstan.
The second phase of the Kazakhstan Renewables Framework, as the programme is named, will allow the country to promote more solar, wind, hydro, biogas, distribution and transmission projects.
In all, the bank estimates that with its financial support the Central Asian country will be able to lower its carbon dioxide (CO2) emissions by at least 500,000 tonnes per year. This new loan also allows Kazakhstan to reach its goal of producing 3% of its total power from renewables by 2020 and 5% by 2050, EBRD said.
The Green Climate Fund (GCF) is supporting this framework with concessional finance and a cooperation programme, which will help the country to enable competitive tendering for wind projects.
The first phase of the programme financed 262 MW of renewable energy capacity across the country, the bank noted.
(EUR 1.0 = USD 1.110)