EBRD finances 50MW solar park in Kazakhstan

Facebook
Twitter
LinkedIn
Reddit
Email
Together, Burnoye Solar-1 and 2 will create one of the largest renewable energy generators in eastern Europe and largest in Central Asia. Source: EBRD

The European Bank for Reconstruction and Development (EBRD) is financing a second solar park in Kazakhstan following the 50MW Burnoye Solar 1 established in April 2014.

The second park, known as Burnoye Solar 2, is also 50MW and will be located in the Zhambyl region. Once combined, the two parks will create one of the largest renewable energy generators in eastern Europe and largest in Central Asia, according to the bank.

This article requires Premium SubscriptionBasic (FREE) Subscription

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

The EBRD will provide a loan in Kazakh tenge equivalent to up to US$44.5 million with a tenor of up to 15 years. Such long-term local currency financing is currently not available in the country. The project is being financed in partnership with the Clean Technology Fund (CFT) who is providing a US$10 million loan for up to 20 years. The remainder of the project cost, expected to be up to US$80 million, will be invested by the owners of the future solar park.

Coming as part of a comprehensive investment of US$200 million for renewable energy frameworks in Kazakhstan, Burnoye Solar 2 is a step towards a cleaner energy transition for the country; which is still more than 70% dependent on coal for its energy production. Burnoye Solar 1 and 2 are expected to neutralise carbon emissions from 30MW of domestic coal-fired plants, and displace 150,000 tonnes of carbon dioxide annually.

Burnoye Solar 2 will be built by the same investors as the first stage of the solar park: Samruk Kazyna United Green Energy, a joint venture between UG Energy Ltd, and Samruk-Kazyna Invest, a division of the sovereign wealth fund.

“Kazakhstan needs more projects like Burnoye,” said Nandita Parshad, EBRD managing director for Energy and Natural Resources. “I am proud that we are signing it just as vital discussions about clean, secure and affordable energy in the region kick off at the high-level Ministerial Conference on Energy, part of the Astana Expo 2017. Following the success of Burnoye Solar 1 this second project is a demonstration that Kazakhstan is truly a part of the global renewable energy revolution that is happening right now.”

To date, the EBRD has invested €7.3 billion in Kazakhstan, of which €1.7 billion is invested in sustainable energy and resources. In 2016 Kazakhstan became the EBRD’s second-largest country of operations by volume. Investment is expected to continue at a high level in 2017.

25 November 2025
Warsaw, Poland
Large Scale Solar Central and Eastern Europe continues to be the place to leverage a network that has been made over more than 10 years, to build critical partnerships to develop solar projects throughout the region.

Read Next

July 11, 2025
The Australian Energy Market Operator (AEMO) has revealed that several utility-scale solar PV power plants experienced curtailment of above 25% in the National Electricity Market (NEM) in 2024.
July 10, 2025
German renewables company BayWa r.e. has secured a €3 billion (US$3.5 billion) loan for 'operational initiatives and pipeline expansion.'
July 10, 2025
US renewables developer Invenergy has launched commercial operations of 250MW Fairbanks Solar Energy Center in Sullivan County, Indiana. 
July 10, 2025
A report published by the US Department of Energy (DOE) this week claims that the previous government’s support for renewable energy could cause blackouts to “increase by 100 times” by 2030.
July 10, 2025
Copenhagen Energy has partnered with Thy-Mors Energi to set up a 100MW PV and BESS project in Ballerum, about 370km from Copenhagen. 
July 10, 2025
The Australian Renewable Energy Agency (ARENA) has announced a new AU$60 million (US$39.4 million) funding round to bolster R&D efforts to achieve ultra-low-cost solar.

Subscribe to Newsletter

Upcoming Events

Media Partners, Solar Media Events
September 2, 2025
Mexico City, Mexico
Solar Media Events
September 16, 2025
Athens, Greece
Solar Media Events
September 22, 2025
Bilbao, Spain
Solar Media Events
September 30, 2025
Seattle, USA
Solar Media Events
October 1, 2025
London, UK