The European Bank for Reconstruction and Development (EBRD) announced on Wednesday the provision of a senior loan up to €31 million for the construction of a 30-megawatt (MW) solar power plant in the Kyzylorda region of Southern Kazakhstan.
"The total cost of the project is expected to reach the equivalent to €41.2 million," the EBRD said.
Located in the electricity-constrained southern part of Kazakhstan, the Nomad Solar LLP solar project is expected to help reduce dependence on electricity imports.
The EBRD also expects the project will spearhead further foreign investments in renewables.
"Nomad Solar LLP will act as a borrower," the bank said, adding that France's Total EREN SA would be the plant operator and majority shareholder along with other shareholder Access Infra Central Asia Ltd. of the U.A.E.
By Gulsen Cagatay