Chinese solar module maker and project developer Risen Energy has secured $31.1 million in financing from the European Bank for Reconstruction and Development (EBRD) for a 40 MW solar project it aims to develop in Kazakhstan.
The bank has provided its financial commitment through its Green Climate Fund (CTF) and Clean Technology Fund (GCF). The loan includes includes a local currency loan of up to $ 22 million in KZT equivalent, a loan of up to $ 5.8 million loan CTF and up to $ 4.2 million loan from the GCF.
The project will be located in the Karaganda region, in central Kazakhstan, and will be developed in a cooperation agreement frame between EBRD and the Ministry of Energy of the Republic of Kazakhstan on the development of renewable energy in the country in line with the Memorandum of Understanding signed in 2017.
The EBRD arranged another financing package for a 50 MW solar project in Kazakhstan in late May. The bank and its CTF have also 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.