September 17 (Renewables Now) - The European Bank for Reconstruction and Development (EBRD) is considering providing up to USD 42.5 million (EUR 36.4m) in debt to a unit of China's Risen Energy Co Ltd (SHE:300118) for a 63-MWp solar project in Kazakhstan.
The long-term senior financing will support the development, construction and operation of the Chulakkurgan photovoltaic (PV) park, to be located in the district with the same name in southern Kazakhstan. According to information on EBRD's website, released on Friday, the total cost of the project is estimated at USD 75 million.
The project has passed concept review and is pending final review, scheduled for October 17.
Risen Energy and EBRD in May signed a mandate letter for the specific project. The developer said at the time that it expects construction of the solar park to begin in September and to be concluded in June 2019. The plant will have the capacity to produce roughly 109,000 MWh of electricity.
(USD 1.0 = EUR 0.857)