First large-scale solar project in Kazakhstan
The 50 MW Burnoye solar plant will be the first large-scale facility for solar generation in Kazakhstan.
The EBRD provided a 14 billion tenge (€38 million equivalent) loan in support of the landmark venture, which is pioneering the use of a non-recourse project finance structure. This is expected to open the door to more private investment in renewable energy in Kazakhstan.
Work on Burnoye was made possible by the adoption in 2014 of a new law on renewable energy generation, on which the EBRD cooperated closely with the Kazakh government. The plant, which is owned by UK-based United Green Energy Limited and the investment arm of Kazakhstan’s sovereign wealth fund, also benefits from a €13.8 million loan from the Clean Technology Fund.