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Tuesday, January 23rd, 2018

EBRD to invest in solar power plant in Kazakhstan

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The EBRD will invest in “Burnoye Solar-2” – the second solar power plant in Kazakhstan.

“Together solar power plants “Burnoye Solar-1” and “Burnoye Solar-2″ form one of the largest solar generation facilities in Eastern Europe and the largest in Central Asia”, the message reads.

It should be noted that this investment in Zhambyl region was preceded by the construction of “Burnoye Solar-1” – the first-ever renewable energy facility in Kazakhstan awarded after the adoption of the new legislation that contributed to the arrival of private investments in this sector.

“Burnoye Solar-2” project, which is implemented within the framework of the EBRD comprehensive program on financing of renewable energy in Kazakhstan with a volume of 200 million dollars, is the second stage of the construction of a large SPP and another confirmation of the growing pace of development of renewable energy in the country, in the energy balance of which more than 70 % is still coal. Taken together, SPP “Burnoye Solar 1 and 2” will lead to a reduction of carbon dioxide emissions by 150 thousand tons per year, which corresponds to the emission of 30 MW of local coal-fired power plants.

A few days before the signing of this project, which took place during EXPO 2017 in Astana, the EBRD Board of Directors approved a solar energy financing program in Egypt worth 500 million dollars, thereby strengthening EBRD’s leadership in financing renewable energy in the Bank’s region of operations.

“Burnoye Solar-2” project will be implemented by the same investors who built the first stage of this facility, namely “Samruk Kazyna United Green Energy Ltd. ” – a joint venture of the UK-registered private investment company “UG Energy Ltd. ” and “Samruk Kazyna Invest”- one of the divisions of the National Welfare Fund.

By the way, the EBRD will provide a loan in tenge in the amount of up to the equivalent of 44.5 million dollars for up to 15 years.

Source: Kazakhstan 2050

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