May 18 (Renewables Now) - The up-to-50-MWp Baikonur solar project in Kazakhstan will receive joint financing of about USD 52.4 million (EUR 44.4m) from the European Investment Bank (EBRD), the Clean Technology Fund (CTF) and the Asian Development Bank (ADB).
The financing package will include two senior secured loans of up to USD 30 million in Kazakh tenge from the EBRD and up to USD 10.4 million in US dollar and euro equivalents from CTF. Meanwhile, ADB will extend in Kazakh tenge the equivalent of up to USD 12 million, EBRD said in a press release on Thursday.
The funds will be allocated for the development, construction and operation of the particular solar plant, to be located near the space centre in Baikonur in the Kyzylorda region. They will also support the construction of a new substation. The entity to receive the financing is Baikonur Solar LLP, a subsidiary of private-owned investment group United Green.
Once operational, the solar farm will help offset around 75,000 tonnes of carbon dioxide (CO2) emissions annually.
This is the first project in Kazakhstan securing joint international financing, the EBRD noted. Last year, the bank announced financing for the 50-MW Burnoye Solar-2 project in Kazakhstan’s Zhambyl region, the second phase of the 50-MW Burnoye Solar-1.
(USD 1.0 = EUR 0.848)