January 15 (Renewables Now) - French company Urbasolar SAS will receive financing from the European Bank for Reconstruction and Development (EBRD) to build a 14-MW solar park in Kazakhstan.
The lender said on Saturday it will extend a loan of up to USD 8.8 million (EUR 7.2m), in the local currency, for the Zadarya project. Up to USD 3.9 million in additional financing will come from the World Bank’s Clean Technology Fund (CTF). The scheme will be developed by a special purpose company, Kaz Green Tek Solar LLP, which is majority owned by the French solar power developer.
The proposed PV park will be built near the city of Shymkent, South Kazakhstan. Loan agreements and a project support agreement were signed Saturday, the EBRD said.
Urbasolar has been operating in Kazakhstan since 2012. The Asian Republic aims to lift the share of renewables to 3% of total power generation by 2020 and to 10% by 2030. In 2017 it made a move to auctions.
Kazakhstan's existing and planned renewable energy capacity stands at 365 MW, according to the EBRD.
(USD 1.0 = EUR 0.820)