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In June 2015 the EBRD announced its plans to co-finance a landmark renewable energy project in Kazakhstan with the Clean Technology Fund (CTF).

Burnoye Solar is a particular landmark for the country’s Green Economy agenda. Not only will it be the first commercial-scale solar park in Kazakhstan, it will be the first privately owned renewable energy generator in the country. In addition, it is the first use of a new project finance structure that will open the door to more private investment in renewables in the future.

The EBRD will lend 14.06 billion tenge (€70 million equivalent) and the CTF will lend €13.8 million to the project which is pioneering the use of a non-recourse project finance structure.

The financing will be extended to Burnoye Solar-1 LLP, a project company founded by a joint Kazakh-UK venture, Samruk-Kazyna United Green LLP.

The venture is owned by UK-based United Green Energy Limited and Samruk Kazyna Invest LLP, the investment arm of Kazakhstan’s sovereign wealth fund.

Work on the Burnoye Solar project started following the adoption in 2014 of the Renewables Law on which the EBRD – the largest renewable energy investor in its region – cooperated closely with the Kazakh government. Burnoye Solar will be located in the energy-deficient Zhambyl region in south Kazakhstan, in an area close to the Western Europe-Western China highway. The project was implemented jointly by local and European contractors, with the advantage of ensuring a transfer of technology into the country. Taxes from the plant will be paid into the local budget.