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Urbasolar to get EBRD loan for 14-MW Kazakh solar farm

Solar park in Kazakhstan. Source: EBRD (www.ebrd.com).

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)

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Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.

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