Agreements to finance the project of extension of the "Burnoye" solar power station to 100 MW in Zhambyl Region signed at the Ministerial Conference

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Monday, 12 June 2017 16:57

Agreements to finance the project of extension of the "Burnoye" solar power station to 100 MW in Zhambyl Region signed at the Ministerial Conference

"Agreement on Cooperation and Support of the Project of Extension of Burnoye Solar Power Plant from 50 to 100 MW" and "Loan Agreement between the EBRD and Burnoye Solar-2 LLP" were executed at the Ministerial Conference and the Eighth International Forum on Energy for Sustainable Development for the purpose of extending the existing Burnoye PV plant from 50 MW to 100 MW in Zhambyl Region. The first signing was attended by: Kanat Bozumbayev, Minister of Energy of the Republic of Kazakhstan, Nandita Parshad, EBRD Managing Director for Energy and Natural Resources, and Albrecht Frischenschlager, Representative of UG Energy Limited (founder) from BURNOYE SOLAR-2 LLP. The Loan Agreement was signed by Nurlan Kapenov, General Director of BURNOYE SOLAR-2 LLP, and Aida Sitdikova, EBRD Director for Energy and Natural Resources, Russia, Caucasus and Central Asia.

The goal of the project is to provide Kazakhstan with safe, reliable and environmentally friendly electricity through the use of solar energy. The project will expand the existing "Burnoye" solar power plant from 50 MW to 100 MW and increase the generation of "clean" electricity to 146 million kWh per year. To be put into operation in the second quarter of 2018, the "Burnoye" solar power plant will become one of the largest renewable energy sources in the CIS.

The total amount of the investments for the project is 26 billion tenge, with 7.8 billion to be committed by Samruk-Kazyna Invest LLP and British partner UG Energy Limited.

The signing of the Loan Agreement with the European Bank for Reconstruction and Development will raise 14.9 billion tenge of the long-term debt funding, and the debt funding of 10 million USD from the Clean Technology Fund. It should be noted that the Loan Agreement with the EBRD is executed as part of the project funding, which does not require additional hard pledges and financial guarantees from the project sponsors.

As part of the signing of the Loan Agreement with the EBRD, the Agreement on Cooperation and Project Support between the EBRD, the Ministry of Energy of the Republic of Kazakhstan and "Burnoye Solar-2" LLP will also be signed, which aims to consolidate key provisions of the legislation of the Republic of Kazakhstan in renewable energy.

The implementation of the project will make it possible to continue the transition of Kazakhstan to "green economy"; to increase electricity generation from renewable energy sources in Kazakhstan to 3% by 2020; to start building the facility during EXPO-2017; to attract 12 million USD in investments; to create more than 300 temporary and 10 permanent jobs, as well as to increase the attraction of modern "clean" technologies to the Republic of Kazakhstan.

Partners:

Samruk-Kazyna Invest LLP is an investment company that is part of Samruk-Kazyna JSC Holding. The core business of the company is to provide direct investments in the local companies together with strategic partners and/or institutional investors contributing to the development and modernization of the economy of Kazakhstan.

UG Energy Limited is a 100% subsidiary of United Green (hereinafter - UG). UG offers broad experience in renewable energy. Since 2008, UG has been investing in wind and solar parks. Total capacity of the RES projects realized is over 300 MW, with total cost of 1.3 billion USD, including over 300 million USD of net worth.

The European Bank for Reconstruction and Development is an international financial organization, with 61 countries, the European Union and European Bank as its founding members. The EBRD was established in 1992 in order to facilitate the transition of the countries of Eastern Europe to a market economy. Since its creation, the Bank has expanded the geography of its involvement: today the EBRD operates in 29 countries of the world - from Central Europe to Central Asia.

The Clean Technology Fund is part of the Climate Investment Funds (CIF), a multi-donor trust fund established in 2008 and managed by the World Bank. The objective of CIF is to provide increased funding for climate projects in developing countries in order to initiate radical changes in support of environmentally sustainable, low-carbon development. 

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