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The Asian Development Bank will provide an $11.
5 million loan
for a 50-megawatt solar project in southern Kazakhstan.
The loan will be offered to Baikonur Solar, a joint venture formed by Britain's United Green Energy and Kazakhstan's sovereign wealth fund Baiterek Venture Fund
.
The European Bank for Reconstruction and Development (EBRD) and the Clean Technology Fund provided additional public funding for the project, amounting to about $30 million
.
In addition to the solar power plant, the project includes the construction of substations and grid connection infrastructure
.
1
The project marks
ADB's first solar financing in Kazakhstan.
Partner EBRD has already funded several projects in the country, including the 100 MW SES Saran solar project
connected in January.
China's Risen Energy has completed a 40-megawatt project in eastern Kazakhstan, the first private company
to invest in the country's solar development.
Under the Paris climate agreement, Kazakhstan pledged to reduce carbon emissions by 15%
by 2030 compared to 1990 levels.
Kazakhstan also plans to generate half of its energy
from renewable sources by 2050.
Kazakhstan held a solar tender in October, allocating four PV projects with a total capacity of 170 MW
.
"Kazakhstan's energy sector is largely coal-based, and nearly 80 percent of the country's electricity comes from coal-fired power plants, most of which is outdated," said Mohammed Azim Hashimi, ADB's Senior Investment Specialist for Private Sector Operations.
”
The Asian Development Bank will provide an $11.
5 million loan
for a 50-megawatt solar project in southern Kazakhstan.
The loan will be offered to Baikonur Solar, a joint venture formed by Britain's United Green Energy and Kazakhstan's sovereign wealth fund Baiterek Venture Fund
.
The European Bank for Reconstruction and Development (EBRD) and the Clean Technology Fund provided additional public funding for the project, amounting to about $30 million
.
In addition to the solar power plant, the project includes the construction of substations and grid connection infrastructure
.
1
The project marks
ADB's first solar financing in Kazakhstan.
Partner EBRD has already funded several projects in the country, including the 100 MW SES Saran solar project
connected in January.
China's Risen Energy has completed a 40-megawatt project in eastern Kazakhstan, the first private company
to invest in the country's solar development.
Under the Paris climate agreement, Kazakhstan pledged to reduce carbon emissions by 15%
by 2030 compared to 1990 levels.
Kazakhstan also plans to generate half of its energy
from renewable sources by 2050.
Kazakhstan held a solar tender in October, allocating four PV projects with a total capacity of 170 MW
.
"Kazakhstan's energy sector is largely coal-based, and nearly 80 percent of the country's electricity comes from coal-fired power plants, most of which is outdated," said Mohammed Azim Hashimi, ADB's Senior Investment Specialist for Private Sector Operations.
”
