EBRD, ADB to finance construction of solar power plant in Kazakhstan

The European Bank for Reconstruction and Development (EBRD) is organising a loan together with the Clean Technology Fund (CTF) and the Asian Development Bank (ADB) to fund the construction of a 50 MW solar power plant in Baikonur in central Kazakhstan, a region known as the base for space exploration and a testing ground, the press service of EBRD said.

The financial package will consist of two senior secured loans of up to $30 million from the EBRD and up to $10.4 million from the Clean Technology Fund. The ADB is providing a loan of up to $12 million to co-finance the project, according to EBRD.

To date, the EBRD has been the sole project finance provider for renewable projects in Kazakhstan.

The investment includes the development, construction and operation of a ground-mounted fixed-installed solar photovoltaic power plant with a total capacity of up to 50MWp (megawatt peak) and an associated new substation in the Kyzylorda region of south Kazakhstan.

This is the fifth project approved under the EBRD Kazakhstan Renewables Framework.

To date, the EBRD has invested over $8.7 billion in the economy of Kazakhstan.