The European Bank for Reconstruction and Development (EBRD) Board of Directors has approved a financing framework of up to €200 million which will be used to finance primarily private renewable energy projects in Kazakhstan with a total generating capacity of 300 MW within the next five years.
Such projects can be in wind or solar power, small hydro plants or biogas. The construction of generating capacity will be allocated €160 million, while €40 million will be allotted to electricity grid modernisation, which is necessary in order to integrate these renewable projects into the national transmission system.
Significant co-financing for the same projects will be considered by the Clean Technology Fund, the Green Climate Fund and other international financial institutions and commercial financiers. Once all the projects come on-stream, annual CO2 emissions are expected to reduce by about 600,000 tonnes, which would help the country to achieve its commitments to cut emissions under the Paris climate agreement.
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Renewable energy in Kazakhstan
VATIS UPDATE Part
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