EBRD considers financing solar plant in Kazakhstan

The European Bank for Reconstruction and Development (EBRD) has announced that it is considering the provision of debt financing for a solar plant in Kazakhstan.

The financing will cover the construction, connection to the power transmission grid, commissioning and launch of a greenfield 48 MW solar power plant located in the Karaganda region.

The total project investment is estimated at US$73 million and the EBRD would finance US$30 million.

The proposed operation will contribute to expansion of private sector and support further development of the evolving renewables sector in Kazakhstan.

The project owner, ACME Cleantech Solutions Private Limited, is a private Indian holding company responsible for energy conservation, energy management and energy generation. Current projects portfolio of ACME is represented by over 1.1 GW of solar capacity in India (both operational and under construction).

Through the Project the Bank will be able to:

• facilitate achievement of the target on the share of renewable power generation at a country level (3% of total generation by 2020);
• partially substitute carbon intensive power generation in the north; and
• introduce a new foreign private investor to the power sector of Kazakhstan.