EBRD considering financing for 50MW solar project in Kazakhstan

EBRD is reviewing the provision of financing to KazSolar 50 LLP for the construction of a 50MWp solar power plant in the Karaganda area of central Kazakhstan in the form of an up to US$ 26 million senior loan.

KazSolar 50 LLP is a special purpose vehicle incorporated in Kazakhstan for the sole purpose of developing, constructing and operating the Project. The Borrower is to be majority owned by the private German company Solarnet Investment GmbH which forms part of the Goldbeck Solar Group.

The project will support Kazakhstan in increasing the share of renewable energy in Kazakhstan's energy mix and it will contribute to achieving the Kazakhstan government goal of renewable energy source sector (apart from hydro) accounting for 3% of all power generation by 2020.

The transition impact stems from the fact that the Project will assist Kazakhstan in diversifying its coal-dependent power sector and reducing CO2 emissions. The project will also foster private ownership of renewables projects in the power generation sector. When completed the plant is expected to achieve an average annual generation of at least 62,000 MWh corresponding to more than 52,300 tonnes of CO2 per year.