EBRD, GCF and CIFs provides US$42.6 million for the development of 76 MW solar PV project in Karaganda

The European Bank for Reconstruction and Development (EBRD) is organizing a new financing for the construction of a 76MWp solar plant in the Karaganda region of Kazakhstan.

The US$42.6 million package provided to Joachim Goldbeck Holding GmbH will consist of an EBRD local currency loan of up to US$28 million (Kazakh tenge equivalent), a concessional loan of up to US$ 11.5 million provided by the Green Climate Fund (GCF), and a concessional loan of up to US$ 3.1 million provided by the Climate Investment Funds’ Clean Technology Fund (CTF).

Up to one-third of the plant’s installed capacity, will employ bifacial solar modules able to produce solar power from both sides of the panel and will be among the first completed renewable energy source projects in Kazakhstan under an auction scheme, a system supported by the EBRD to promote competitive pricing and stimulate investments into renewables.

The solar project will help reduce annual CO2 emissions by more than 80,000 tonnes and contribute to meeting Kazakhstan’s national emission reduction targets as well as the EBRD’s Green Economy Transition strategy.