The European Bank for Reconstruction and Development (EBRD) is supporting French company Urbasolar SAS in its plans to build a solar power plant in Kazakhstan, the bank announced Saturday.
The EBRD will provide a loan in local currency, Kazakh tenge, up to an equivalent of US$8.8 million, and the Clean Technology Fund will lend up to $3.9 million for the solar plant in the South Kazakhstan region, near the city of Shymkent.
The new Zadarya solar power plant will add 14 megawatts (MW) of solar capacity to Kazakhstan’s energy mix, bringing the total amount of existing and planned renewable energy to 365 MW.
The EBRD supports, under project finance structure, all large-scale renewable energy projects in Kazakhstan.
"The solar park project will be implemented by a special purpose company, Kaz Green Tek Solar LLP, incorporated in Kazakhstan and majority owned by Urbasolar," according to the announcement.
To date, the EBRD has invested over $8.7 billion in Kazakhstan's economy.
(Anadolu Agency)
