Having won 50 MW in the first solar auction of Kazakhstan, Bulgaria’s Hydroenergy Company JSC is now building 10 MW capacity through its subsidiary HEC-K T LLP with a $6.4 million loan from the EBRD and GCF. (Photo Credit: EBRD)
- A 10 MW solar power project will be built in Kazakhstan with $6.4 million loan approved by the EBRD and GCF
- To be built by HEC-K T LLP in Zhanakorgan district of Kazakhstan, it is likely to generate over 14.8 GWh of clean power annually
- EBRD says this is the first solar project it is supporting under the country’s auction scheme
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The European Bank for Reconstruction and Development (EBRD) will loan $6.4 million along with the Green Climate Fund (GCF) to finance the first solar plant in Kazakhstan to be developed under an auction scheme. A subsidiary of Bulgaria based solar EPC Hydroenergy company JSC, called HEC-K T LLP, will be the borrower.
The company secured rights to build 50 MW capacity for the lowest winning bid of KZT 18.6 per kWh in the first solar auction in Kazakhstan out of 170 MW awarded cumulatively (see Kazakhstan Awards 170 MW PV In 1st Solar Auction).
The 10 MW project will be located in Zhanakorgan district in the southern region of the country which on completion is expected to generate more than 14.8 GWh of clean power annually. As per information on its website, Hydroenergy has constructed and commissioned over 95 solar and 14 hydro power plants. It entered the solar domain in 2006.
For EBRD, this happens to be the 10th project it is supporting under the bank’s €200 million ($219 million) renewable energy financing facility called Kazakhstan Renewables Framework to which the GCF has contributed $110 million (see EBRD: $110 Million For Renewables In Kazakhstan). EBRD says it has approved a €300 million ($328 million) extension to the framework.
In April 2019, the bank announced a $16.7 million loan to a 30 MW PV project in Kazakhstan’s Zhangiz-Tobe village (see EBRD Backing For 30 MW Solar Plant In Kazakhstan).