EBRD and World Bank finance solar energy challenge in Kazakhstan

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The European Bank for Reconstruction and Development, the UN Green Climate Fund and the World Bank’s Clean Technology Fund will allocate $42.6 million for the development of a solar energy plant within the Karaganda area within the centre of Kazakhstan, Kazakh portal Kursiv citing the EBRD press service on September 18.

The financing package deal of $42.6 million might be supplied to the German developer Goldbeck Solar Group. The mortgage consists of an EBRD native forex mortgage of as much as $ 28 million, a concessional mortgage of as much as $11.5 million from the Green Climate Fund (GCF) and a concessional mortgage of as much as $3.1 million from the Clean Technology Fund (CTF).

A solar energy plant with a capability of 76 MW might be constructed within the heart of Kazakhstan. The station could have double-sided modules able to producing photo voltaic power from each side of the panel. It might be one of many first accomplished renewable power tasks in Kazakhstan to be applied by way of an public sale mechanism.

The new solar energy plant will assist cut back annual carbon dioxide emissions by greater than 80,000 tonnes per 12 months.

The investments are being made in accordance with the EBRD framework settlement on financing renewable power sources in Kazakhstan for a complete quantity of €500 million. The doc was signed in 2016 and expanded in 2019.

EBRD launches programme to help inexperienced financial system in Kazakhstan. Within the framework of 273 tasks, the financial institution invested greater than €8.63 billion within the nation’s financial system.