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EBRD to extend €300 m to Kazakhstan to support renewable energy
The European Bank for Reconstruction and Development (EBRD) will extend €300 million to Kazakhstan to promote the renewable energy sector.
The funds will be channeled for implementing the bank’s Kazakhstan Renewables Framework .
The facility will promote solar, wind, hydro, biogas, distribution and transmission projects and is expected to reduce CO2 emissions by at least 500,000 tons per year.
The EBRD Board of Directors approved the extension to the existing Framework, which has been almost fully utilized. The first phase supported the creation of 262 MW of renewable power-generation capacity across the country, attracted four private international investors and supported a grid-strengthening project.
In addition to the EBRD funding, the Framework will be supported by concessional finance from the Green Climate Fund. It will also benefit from a comprehensive technical cooperation program, which will support competitive tendering for wind projects, the development of a carbon market in Kazakhstan and the promotion of gender inclusion in the renewable energy sector.
EBRD signed earlier in September a memorandum of understanding with the Kazakh Ministry of Energy to address the implications of climate change in Kazakhstan and stress the bank’s commitment to supporting renewables projects in Kazakhstan, focusing on financing competitively tendered renewables projects.
The extension of the Kazakhstan Renewables Framework will help the country to reach its renewable energy targets of 3 percent of generation by 2020 and 50 percent by 2050 and to meet its commitments under the Paris Climate Agreement.
To date, the EBRD has invested over €8.3 billion (US$ 9.1 billion equivalent) through 262 projects in the economy of Kazakhstan. Over €2 billion of this funding has supported Green Economy Transition projects.
The bank is the largest international investor in the country’s economy outside of the oil and gas sectors and has a wide presence in Kazakhstan, with two Resident Offices in Nur-Sultan and Almaty as well as five local offices for outreach in remote areas of the country.
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