EBRD signs loan agreement for 100 MW in Kazakhstan – pv magazine International


The European Bank for Reconstruction and Development (EBRD) and Joachim Goldbeck Holding GmbH have joined forces for the construction of a 100 MW power plant in the Karaganda region of Kazakhstan.

Loan and project support agreements were signed between stakeholders on November 28 in Astana, the capital of Kazakhstan. The EBRD will provide a local currency loan equivalent to approximately $ 51.3 million, while a loan of up to $ 22.2 million will be made available through the Green Climate Fund (GCF).

SES Saran LLP, a special purpose company incorporated in Kazakhstan and owned by the German group Joachim Holding GmbH, will implement the project, which is taking place under the auspices of the EBRD-GCF Kazakhstan Renewables Framework.

The program provides some $ 110 million to Kazakhstan to increase investment in renewable resources, provide technical assistance and build institutional capacity for energy integration.

When completed, the 100 MW Saran solar power plant would be the largest solar power plant in Central Asia to have been built at any given time. According to the EBRD, it will reduce CO2 emissions by 93,500 tonnes per year and thus contribute to the bank’s transition strategy towards a green economy.

The plant is just the latest addition to a series of investments in Kazakhstan’s renewable energy sector. United Green Energy Ltd and Kazakh Energy, for example, have also received similar support.

According to its statement, the EBRD has invested more than 7.5 billion euros in 246 projects in the economy of Kazakhstan, and a total of 26.7 billion euros in the transition to the green economy since 2006.

Kazakhstan has been hailed as a promising candidate for the energy transition. Indeed, although it gets around 75% of its energy from coal, it is also roughly the same size as the EU and is home to as large a population as the Netherlands. In 2012, meanwhile, President Nursultan Nazarbayev unveiled a strategy for modernizing the economy, gradually increasing the share of renewables from 1% to 50% by 2050.

Kazakhstan has introduced fixed feed-in tariffs and multiple incentive programs, such as grid access and tax exemptions in order to achieve its target. The country also hosted a universal exhibition under the theme “Energy of the future” to set the tone for international investors.

Talk to pv magazine in June, Luc Graré, CEO of Belgian developer Qway Energy, which has a subsidiary in the Kazakh capital Astana, said: “In the World Bank’s Doing Business index, Kazakhstan ranks 36th out of 190 countries. Registering a business only takes three days. An international financial center with a British judicial system has been established in Astana. You pay no corporate and income tax.

Qway has developed a 350 MW portfolio of large-scale solar PV projects in the southern provinces of Kazakhstan and will participate in the auction this year.

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