April 30 (Renewables Now) - The European Bank for Reconstruction and Development (EBRD) and the Green Climate Fund (GCF) are providing USD 16.7 million (EUR 14.9m) in financing for a 30-MWp solar project in eastern Kazakhstan.
EBRD's loan, provided in local currency, will be of up to KZT 4.4 billion (USD 11.7m/EUR 10.3m), while the remaining USD 5 million will come from the GCF, the European bank said. The loan agreement was signed last week with the project's developer Universal Energy of China.
Located in Zhangiz-tobe village, the new photovoltaic (PV) power plant will be able to generate over 38,900 MWh of electricity per year, enough to offset some 31,650 tonnes of carbon dioxide (CO2) emissions annually.
The project is the bank's eighth under the EUR-200-million (USD 223m) EBRD Kazakhstan Renewables Framework, focused on renewable energy. The GCF has made a USD-110-million contribution towards the initiative.
Recently, a 40-MW solar plant co-financed by EBRD and GCF was launched in the Karaganda region of central Kazakhstan.
(USD 1 = EUR 0.90)
(KZT 100 = USD 0.26/EUR 0.23)