November 29 (Renewables Now) - The European Bank for Reconstruction and Development (EBRD) has partnered up with German firm Joachim Goldbeck Holding GmbH to develop a 100-MW solar project in Kazakhstan.
EBRD is providing a financing package in local currency, including a loan of up to USD 51.3 million (EUR 45.1m) and another one of up to USD 22.2 million coming from the Green Climate Fund (GCF).
The goal is to develop the country’s green energy potential and strengthen the private sector’s involvement in the power and energy sector, historically dominated by state entities, the bank said in its press release.
Located in Karaganda region, the photovoltaic (PV) plant is considered to be the largest built at one time in Central Asia. It will be implemented by SES Saran LLP, a special-purpose company incorporated in Kazakhstan and ultimately owned by the German firm.
When operational, the PV plant should help offset 93,500 tonnes of carbon dioxide (CO2) emissions per year, contributing to Kazakhstan’s national emission reduction targets and EBRD’s Green Economy Transition strategy, the bank noted.
(USD 1 = EUR 0.88)