LONDON (ERBD press service) — The European Bank for Reconstruction and Development (EBRD) is organising a new financing for the construction of a 76 MWp solar plant in the Karaganda region of Kazakhstan, a leader in the development of renewable energy in Central Asia, with a total installed solar capacity of 216 MWp.

The $42.6 mln package provided to the well-established German developer Joachim Goldbeck Holding GmbH will consist of an EBRD local currency loan of up to $28 mln (Kazakh tenge equivalent), a concessional loan of up to $11.5 mln provided by the Green Climate Fund (GCF), the world’s largest climate fund and a concessional loan of up to $3.1 mln 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 new solar plant 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.

The investment takes place under the Bank’s €500 mln Kazakhstan Renewables Framework, established in 2016 and extended in 2019, to help the country respond to the challenges of climate change, increase investments in renewables, provide technical assistance and build institutional capacity.

Previously, the EBRD financed the 100 MWp Saran solar power plant, which was also developed by the Joachim Goldbeck Holding GmbH, and is the largest solar power plant built at one time in Central Asia.

To date, the EBRD has invested over €8.63 bln through 273 projects in the economy of Kazakhstan.