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EBRD approves €300 million to support Kazakhstan renewables projects

EBRD approves €300 million to support Kazakhstan renewables projects EBRD approves €300 million to support Kazakhstan renewables projects


Nur-Sultan, September 19 - Neftegaz.RU. The European Bank for Reconstruction and Development (EBRD) has announced that it is pledging fresh funds to support Kazakhstan’s drive as a regional leader to promote renewable energy, with the help of a 2nd phase of the Bank’s Kazakhstan Renewables Framework of up to EUR 300 million.

The facility will promote solar, wind, hydro, biogas, distribution and transmission projects and is expected to reduce CO2 emissions by at least 500,000 tonnes per year.

The extension of the Kazakhstan Renewables Framework will help the country to reach its renewable energy targets of 3 % of generation by 2020 and 50 % by 2050 and to meet its commitments under the Paris Climate Agreement.

In February 2019, EBRD financed a 50 MW solar power project in southern Kazakhstan. The project located at Chulakkurgan, south Kazakhstan, is expected to generate over 102 GWh of electricity per year and will help reduce carbon emissions by 86,000 tons per year.

To date, the EBRD has invested over €8.3 billion ($ 9.1 billion equivalent) through 262 projects in the economy of Kazakhstan. Over €2 billion of this funding has supported Green Economy Transition projects.