September 27 (Renewables Now) - The European Bank for Reconstruction and Development (EBRD) announced today that, together with the Green Climate Fund (GCF), it is funding a new 10-MW photovoltaic (PV) plant in Kazakhstan
The institutions are lending a total of USD 6.4 million (EUR 5.8m), of which up to KZT 1.7 billion (USD 4.4m/EUR 4m) in local currency and in US dollars will come from EBRD while the remaining USD 2 million is from the GCF.
This is the first solar plant in the country to be developed under an auction scheme, the European bank said.
Located in Zhanakorgan District, southern Kazakhstan, the PV facility is expected to generate more than 14.8 GWh per year, enough to help offset some 13,000 tonnes of carbon dioxide (CO2) emissions annually.
In all, this is the bank's 10th project under its EUR 200 million (USD 218.7m) Kazakhstan Renewables Framework, EBRD noted.
(USD 1 = EUR 0.914)
(EUR 1 = USD 1.094)
(KZT 100 = USD 0.258/EUR 0.236)