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EBRD grants financing for 50MW solar plant in Kazakhstan

Published 14 June 2017

The European Bank for Reconstruction and Development (EBRD) in partnership with Clean Technology Fund (CTF) will invest in the 50MW Burnoye Solar-2 project.

EBRD’s investment is part of its $200m renewable energy financing framework for Kazakhstan.

EBRD will offer a loan of $44.5m in Kazakh tenge for 15 years validity. CTF will provide $10m with 20 years validity. The owners of the solar park will invest the remaining $80m.

Burnoye Solar-2 will be constructed by Samruk Kazyna United Green Energy and Samruk-Kazyna Invest, a sovereign wealth fund division.

Burnoye Solar-1 and 2 are expected to become one of the largest renewable energy generators in eastern Europe and Central Asia.

The project, located in the southern Zhambyl region, follows Burnoye Solar-1, Kazakhstan’s first utility scale renewable energy project after the country allowed private investment in the sector under a new legislation.

Burnoye Solar-1 and 2 are estimated to reduce CO2 emissions by 150000 tonnes annually.

EBRD managing director for energy and natural resources Nandita Parshad said: “Kazakhstan needs more projects like Burnoye. I am proud that we are signing it just as vital discussions about clean, secure and affordable energy in the region kick off at the high-level Ministerial Conference on Energy, part of the Astana Expo 2017.

“Following the success of Burnoye Solar-1 this second project is a demonstration that Kazakhstan is truly a part of the global renewable energy revolution that is happening right now.”

The bank has provided €1.7bn for sustainable energy and resources in Kazakhstan till date.