ADB to finance 50 MW PV plant in Kazakhstan
Post date: 06/03/2019 - 15:36
The Asian Development Bank (ADB) signed a $11.5 million loan in tenge equivalent with Baikonyr Solar Limited Liability Partnership (Baikonyr Solar LLP) to support the development of solar power in Kazakhstan. The project comprises the design, construction, commissioning, operation, and maintenance of a 50 MW solar power plant, along with the necessary infrastructure for grid integration. The solar plant - which is expected to generate 73 GWh per year and will include approximately 150,822 photovoltaic panels, 14 central inverters stations, and a substation - will be located in southern Kazakhstan over 150 hectares of land.
Baikonyr Solar LLP is a special purpose vehicle incorporated in Kazakhstan and is owned by UG Energy Limited and Baiterek Venture Fund Joint Stock Company (BVF), which is a subsidiary of Kazakh sovereign wealth fund Baiterek JSC. United Kingdom-based UG Energy Limited has been pioneering the development of industrial scale solar plants in Kazakhstan.
The loan agreement for the Baikonyr Solar Power Project is the first time that long-term local currency financing has been provided by ADB for a solar project in Central Asia. It also marks ADB’s first foray in solar energy financing in the subregion.