EBRD plans EUR-200m renewables support for Kazakhstan

The European Bank for Reconstruction and Development (EBRD) is exploring a framework of up to EUR 200 million (USD 218m) to finance the construction of renewable energy projects in Kazakhstan, it said on Thursday.

The bank expects to finance between six and nine projects under the framework during the next five years. It is looking to back solar, wind, small hydropower and biogas energy developments, as well as grid modernisation and strengthening.

The framework will help Kazakhstan reach its target of increasing the share of renewables to 3% of total generation by 2020 and is expected to encourage other developers to enter the market.

Separately, EBRD revealed Monday it is considering providing up to USD 30 million (EUR 28m) of debt financing for the construction of the 48-MWp Gulshat solar power plant in Kazakhstan’s Karaganda. The borrower is ACME Cleantech Solutions Pvt Ltd of India.

EBRD also recently disclosed it may provide USD 50 million to finance the extension of the Burnoye solar plant in the Zhambyl region in southern Kazakhstan, touted as the first large-scale solar power plant in the country. The owner of the project is a joint venture between UK's United Green LLP and the investment arm of JSC Sovereign Wealth Fund Samruk-Kazyna.

(EUR 1.0 = USD 1.089)

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