The European Bank for Reconstruction and Development (EBRD) is planning to release financing of $26 million to Indian solar developer ACME Cleantech Solutions for the development of a 29 MW solar PV plant in Kazakhstan.
Worth an estimated $51 million in total, the EBRD loan would meet half of the development costs, with ACME footing the remainder of the bills.
The proposed Kulan solar power plant is to be located in Kazakhstans Zhambyl region, in the southern portion of the country.
According to the EBRD, the 29 MWp installation would become one of the largest in the country, and add to Kazakhstans growing clean energy portfolio. The fossil fuel-rich country has set a target of 3% renewable penetration by 2020, with areas of the north set to see solar and wind supplant the more traditional, carbon-intensive power generation sources.
The EBRD was previously involved in plans to develop solar in the country, co-financing in June last year a 50 MW solar project to the tune of $78 million.