October 19 (Renewables Now) – The European Bank for Reconstruction and Development (EBRD) has signed a USD-35-million (EUR 30.56 m) loan agreement for an up-to-28-MW solar power plant in southern Kazakhstan.
EBRD will provide the loan in local currency to Nomad Solar LLP, a special purpose company incorporated in Kazakhstan and jointly owned by French renewables developer Total Eren SA and UAE-based Access Infra Central Asia Ltd.
The Kyzylorda region-located plant is expected to reduce carbon dioxide (CO2) emissions by 47,800 tonnes on an annual basis.
The project is the bank's sixth under the EBRD Kazakhstan Renewables Framework, focused on clean technology operations. The institution has invested EUR 26 billion in Green Economy Transition projects since 2006, with EUR 6.3 billion directed for renewable energy and over 10,000 MW of total renewable capacity installed.
(USD 1.0 = EUR 0.87)