EBRD mulls loan for 10-MW PV project in Kazakhstan

Solar park in Kazakhstan. Source: EBRD (www.ebrd.com).

May 23 (Renewables Now) - The European Bank for Reconstruction and Development (EBRD) is reviewing a request for a loan for the development and construction of a 10-MW solar photovoltaic (PV) farm in southern Kazakhstan.

The total cost of the project is USD 10 million, and the bank is considering whether to extend a limited recourse senior secured loan of up to USD 5 million (EUR 4.5m) in Kazakhstani tenge and/or US dollar equivalent and up to USD 2 million from the Green Climate Fund.

The developer of the solar project is HEC KT LLC, a special purpose vehicle established in Kazakhstan by Bulgarian solar projects builder Hydroenergy Company JSC. The latter secured the capacity in Kazakhstan’s renewable energy auction held in 2018.

The future solar farm will be located near the settlement of Zhanakorgan in Kyzylorda region.

(USD 1.0 = EUR 0.9)

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