August 16 (Renewables Now) - The European Bank for Reconstruction and Development (EBRD) is considering extending up to EUR 31 million (USD 35.3m) in debt for the construction of a 30-MW solar park in Kazakhstan.
The beneficiary will be Nomad Solar LLP, a Kazakh-based company owned by French renewables developer Total Eren and Access Infra Central Asia Ltd. The French company is the majority owner of the so-called Nomad solar project in Kyzylorda region, southern Kazakhstan.
According to a Project Summary Document (PSD) published on EBRD’s website on Wednesday, the bank is reviewing whether to provide a senior loan of KZT 12.8 billion (USD 35.4m/EUR 31.2m) for the specific project. The overall investment in the initiative is estimated at KZT 17.1 billion.
The EBRD noted that the solar project will “demonstrate the viability of project finance structures that are still scarce in the Kazakh market.” It is the first involvement of Total Eren and Access Infra in Kazakhstan and is seen to promote foreign investment in the country’s renewables market.
The construction of the PV park is seen to help offset around 49,000 tonnes of carbon dioxide (CO2) emissions and lower reliance on power imports and related transmission losses.
(EUR 100 = USD 0.277/EUR 0.243)