Supporting the construction of 8-11 renewable energy projects in Kazakhstan, with a total capacity of 330 MW.
Around 91% of Kazakhstan’s electricity is generated from fossil fuels, making it one of the largest emitters of greenhouse gases in Central Asia. Diversification of energy sources, and the decarbonisation of the economy is a priority of the Kazakhstan government, which is introducing feed-in tariffs and an auction scheme to promote this transition. However, lack of appropriate financing mechanisms has delayed the development of new projects to respond to these policies. GCF’s investment will scale-up investment in renewables, crowding-in low-carbon investors through a programme of investment, and creating a viable alternative to cheap coal-based power. The programme will also provide technical assistance, building institutional capacity for energy integration, policies and planning.
The project has an estimated lifespan of 20 years.
