EBRD’s investment is part of its $200m renewable energy financing framework for Kazakhstan.
EBRD will offer a loan of $44.5m in Kazakh tenge for 15 years validity. CTF will provide $10m with 20 years validity. The owners of the solar park will invest the remaining $80m.
Burnoye Solar-2 will be constructed by Samruk Kazyna United Green Energy and Samruk-Kazyna Invest, a sovereign wealth fund division.
Burnoye Solar-1 and 2 are expected to become one of the largest renewable energy generators in eastern Europe and Central Asia.
The project, located in the southern Zhambyl region, follows Burnoye Solar-1, Kazakhstan’s first utility scale renewable energy project after the country allowed private investment in the sector under a new legislation.
Burnoye Solar-1 and 2 are estimated to reduce CO2 emissions by 150000 tonnes annually.
EBRD managing director for energy and natural resources Nandita Parshad said: “Kazakhstan needs more projects like Burnoye. I am proud that we are signing it just as vital discussions about clean, secure and affordable energy in the region kick off at the high-level Ministerial Conference on Energy, part of the Astana Expo 2017.
“Following the success of Burnoye Solar-1 this second project is a demonstration that Kazakhstan is truly a part of the global renewable energy revolution that is happening right now.”
The bank has provided €1.7bn for sustainable energy and resources in Kazakhstan till date.
