Kazakhstan solar plant bags €80m

The first commercial-scale solar plant in Kazakhstan has received funding worth €80 million (£58m). The Burnoye Solar project will be built in the energy-deficit Zhambyl region in south Kazakhstan and will […]

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The first commercial-scale solar plant in Kazakhstan has received funding worth €80 million (£58m).

The Burnoye Solar project will be built in the energy-deficit Zhambyl region in south Kazakhstan and will include 192,000 panels.

The European Bank for Reconstruction and Development (EBRD) will lend 14.06 billion tenge (£50m) alongside the Clean Technology Fund (CTF), which is providing €13.8 million (£10m).

The venture is owned by UK-based United Green Energy Limited and Samruk Kazyna Invest LLP, the investment arm of Kazakhstan’s sovereign wealth fund.

EBRD President Sir Suma Chakrabarti said: “It will be the first commercial-scale solar park in Kazakhstan.

“It will be the first privately-owned renewable energy generator in Kazakhstan and it is the first use of a new project finance structure that will open the door to more private investment in renewables in the future.”