June 24 (Renewables Now) - The European Bank for Reconstruction and Development (EBRD) is considering extending up to EUR 300 million (USD 341.4m) in debt for renewable energy and grid transmission projects in Kazakhstan.
The so-called Kazakhstan Renewables Framework Phase II facility will help the country integrate more renewable energy capacity and support it in reaching its goal of producing 3% of its total power from renewables by 2020. The funds will also be used to accelerate Kazakhstan’s transition to competitive tendering mechanisms in the renewables sector, the EBRD said on Thursday.
The financing, if approved, will complement the EUR-200-million Kazakhstan Renewables Framework, under which the EBRD has so far financed 262 MW of solar projects and one grid enhancement scheme in the country. This framework is currently 90% utilised, according to the press release.
(EUR 1.0 = USD 1.138)