The European Bank for Reconstruction and Development (EBRD) and Green Climate Fund (GCF) have agreed to finance a new solarpower plant in Kazakhstan.
As part of this commitment, EBRD will provide a loan of $11.7m, while GCF will arrange a loan of $5m for the new 30MWp solarpower plant.
Located in Zhangiz region, the facility will have the capacity to generate more than 38,900MWp per annum and will help cut carbon emissions by 31,650t a year.
EBRD has signed a financing agreement with the developer of the project China’s Universal Energy at the Second Belt and Road Forum for International Cooperation in Beijing.
The agreement was signed by EBRD Sustainable Infrastructure Group managing director Nandita Parshad and Universal Energy president and CEO Nan Yi.
Universal Energy is involved in the investment, development, construction, operation and maintenance of clean energy projects.
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Currently, the company is developing a portfolio of solar projects in Kazakhstan and elsewhere worldwide.
It will be an eighth investment made by EBRD under its Kazakhstan Renewables Framework, which benefits from a $110m contribution from the GCF. The framework is a €200m facility for financing renewable energy projects in Central Asia.
Overall, more than $8.85bn has been invested so far by EBRD through 254 projects in the economy of Kazakhstan.
In January, EBRD agreed to finance the construction of a 50MW solarpower plant in Kazakhstan.
Under the proposed financing package, EBRD will provide a loan of up to $40.4m and a loan of $10m will be offered by the Green Climate Fund (GCF).