The EBRD and its partners will provide a loan to Baikonur Solar LLP, a wholly owned subsidiary of private investment group United Green.
The project will be developed by Samruk Kaznya United Green Energy Ltd, a joint venture between UK based United Green and local sovereign wealth fund Samruk-Kazyna Invest.
The loan will comprise up to $30 million provided by the EBRD, $10.4 million from the Clean Technology Fund (CTF) and $12 million from the Asian Development Bank (ADB). The ADB and EBRD will provide loans in the Kazakh currency with CTF financing in USD and Euros.
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As well the development, construction and operation of the solar farm, the loan will also cover construction of a new substation in the Kyzlorda region of southern Kazakhstan. The project in Baikonur – best known as the location of the world's oldest and largest space launch site – will be the fifth project approved under the EBRD-Kazakhstan Renewables Framework: an agreement between the two partners aimed at opening Kazakhstan’s renewable energy market up to a wider range of investors.
The EBRD and CTF have previously worked together to fund two 50 MW projects in Kazakhstan; Burnoye 1 and Burnoye 2. In March, Kazakhstan announced plans to tender 290 MW of PV projects in a series of auctions throughout 2018 as part of a broader plan to tender 1 GW of renewable energy capacity this year.
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