EBRD to Provide €31 Million Loan for 30 MW Solar Project in Kazakhstan
The project will be developed in Kyzylorda region
The European Bank for Reconstruction and Development (EBRD) will provide a €31 million ($35 million) loan to Nomad Solar LLP for the construction and operation of a 30 MW solar PV power project in Kyzylorda region of Kazakhstan.
The plant will use 12,0862 Canadian Solar polycrystalline modules with horizontal and vertical trackers. They will be connected to 12 Sungrow SG2500 HV-MV (1.5kV) inverting substations. The main HV substation will be connected to the 220kV national network powerline.
The plant is expected to generate around 66,245 MWh/year. All the equipment will be automatic and connected with SCADA system.
The project aims to provide renewable electrical energy for the region where the development is hindered by energy deficit.
The project is expected to create 150 job opportunities for people in Zhalagash settlement in Kyzylorda.
Moreover, school graduates in Zhalagash will also be encouraged to obtain appropriate education to qualify for an electrician position at the project. For this, within its Corporate Social Responsibility Program, the company will review the possibility of grants provision for talented pupils.
Another benefit from this project will be making an example of renewable energy source profitability that may encourage other developers to invest in similar projects elsewhere which, in turn, will reduce the contribution of traditional fuels to the global warming.
This is not the first time that EBRD is investing in solar in Kazakhstan.
Recently, EBRD and Asian Development Bank (ADB) announced that they are investing heavily in the solar photovoltaic sector of Kazakhstan and they are jointly financing a 50 MW solar PV project in the country’s Baikonur region.
Previously, Chinese solar panel manufacturer Risen Energy Co. Ltd., signed a mandate letter with the EBRD for financing the construction of a 63 MW solar project in Kazakhstan during the 27th annual meeting of EBRD. The construction of the greenfield 63 MW solar PV project will start in September 2018 and is scheduled to be completed in June 2019.
Previously, EBRD and Risen Energy signed another mandate letter for financing of Risen Energy’s 40 MW solar project in Kazakhstan. To date, the EBRD has invested over $ 8.7 billion in the economy of Kazakhstan.
In November 2017, Mercom reported that the International Solar Alliance (ISA) and EBRD signed a joint financial partnership declaration to deepen their cooperation in support of renewable energy. The collaboration was aimed at giving EBRD a chance to support solar energy investments in some of the least developed countries in the world. More financial partnerships like this will be signed by ISA in the future in an effort to achieve its mandate in a proper and effective manner.
Nitin is a staff reporter at Mercomindia.com and writes on renewable energy and related sectors. Prior to Mercom, Nitin has worked for CNN IBN, India News, Agricultural Spectrum and Bureaucracy Today. He received his bachelor’s degree in Journalism & Communication from Manipal Institute of Communication at Manipal University and Master’s degree in International Relations from Jindal School of International Affairs. More articles from Nitin Kabeer