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EBRD to back another 50-MW Kazakh solar project

Author: EBRD. License: All rights reserved.

June 21 (Renewables Now) - The European Bank for Reconstruction and Development (EBRD) is on course to support a third solar park in Kazakhstan, the up-to-50-MW Baikonur solar project.

The bank said today it has signed initial terms for the co-financing of the solar plant which will be located near the space centre in Baikonur in the Kyzylorda region. The solar park is to be build by a joint venture between UK-registered investment firm UG Energy Ltd and Samruk-Kazyna Invest, a division of Kazakhstan's sovereign wealth fund. It may get EBRD financing of up to USD 28 million (EUR 25m) as part of the EBRD's EUR-200-million framework for renewable energy financing for Kazakhstan.

The EBRD today also signed a memorandum of understanding (MoU) with Kazakhstan's government that it said will open the country's renewable energy market to a wider range of investors working under the EBRD's dedicated framework.

Last week EBRD 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 = EUR 0.897)

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Plamena has been a UK-focused reporter for many years. As part of the Renewables Now team she is taking a keen interest in policy moves.

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