January 29 (Renewables Now) - The European Bank for Reconstruction and Development (EBRD) and the Green Climate Fund (GCF) are providing USD 50.4 million (EUR 44m) for a 50-MW solar power plant in south Kazakhstan.
EBRD's loan, provided in local currency, will be of up to USD 40.4 million, while the remaining USD 10 million will come from the GCF, the European institution said.
Located in Chulakkurgan, the new photovoltaic (PV) plant is expected to be able to generate over 102 GWh of electricity per year, enough to offset some 86,000 tonnes of carbon dioxide (CO2) emissions annually.
For this project, EBRD has again partnered with China's Risen Energy Co Ltd (SHE:300118). This is the second time the two parties work together on a solar project in Kazakhstan, following a 40-MW development in Karaganda region.
The project is the bank's eighth under the EUR-200-million EBRD Kazakhstan Renewables Framework, focused on clean technology operations.
Earlier this week, a 100-MW PV park in Kazakhstan, the largest one of its kind in Central Asia, was put into operation. The plant was developed by Germany’s Joachim Goldbeck Holding GmbH under the EBRD-GCF Kazakhstan Renewables Framework.
(USD 1 = EUR 0.87)