Kazakh Sovereign Wealth Fund Seeks $106 Million Solar Expansion

  • Samruk-Kazyna's unit and United Green to expand solar power
  • Venture to double solar power plant capacity to 100 megawatts

A unit of Kazakhstan’s sovereign wealth fund agreed to double capacity of a solar power plant to 100 megawatts at a cost of about $106 million.

TOO Samruk-Kazyna Invest signed a deal with United Green Group to expand the capacity of their venture in the Zhambyl region of southern Kazakhstan, the Astana-based fund said by e-mail on Wednesday. Samruk-Kazyna didn’t say how the expansion will be financed.

Last year, Kazakhstan’s government set tariffs for energy produced by renewables in a bid to get 3 percent of electricity from cleaner sources by 2020. Kazakhstan, the largest oil producer in Central Asia, has sought development of renewable energy, including investment in solar panel production by state-run uranium producer Kazatomprom.

Samruk-Kazyna Invest and United Green, the company which owns 51 percent of the venture, started electricity production of the plant, also part-owned by local authorities, earlier this year, according to the state-owned fund’s website.

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