EBRD considers financing solar farm in Kazakhstan

The European Bank for Reconstruction and Development (EBRD) is mulling providing debt financing to India's ACME Cleantech Solutions to develop a solar project in Kazakhstan.

Specifically, the EBRD is considering provision of debt financing for construction, connection to the power transmission grid, commissioning and launch of the 29 MW Kulan solar power plant located in the Zhambyl region, Southern Kazakhstan.

The total project investment is estimated at US$51 million, while the EBRD is mulling providing a US$26 million loan. The proposed operation will contribute to expansion of private sector and support further development of the evoving renewables sector in Kazakhstan.

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.