Kazakhstan International Energy, Electrical equipment and Machine building Exhibition

17-19 October 2023

Almaty, Kazakhstan

Russia’s Hevel secures financing for 90-MW Kazakh solar project

A unit of Russia’s Hevel Group will obtain EUR 56.2 million (USD 63.4m) in debt from the Eurasian Development Bank (EDB) to install up to 90 MW of solar power capacity in Kazakhstan.

Hevel 01

Hevel Kazakhstan LLP has signed a loan agreement with the lender for the provision of a long-term multi-currency credit line to finance the projects. The photovoltaic (PV) farms are expected to be put on stream in 2020, Hevel said on Thursday.

To be equipped with the Russian group’s heterostructural PV modules, the plants are anticipated to have a combined annual output of 160 million kWh that will help offset around 85,000 tonnes of carbon dioxide (CO2) emissions. The generated electricity will be supplied to the power system of the Republic of Kazakhstan.

Through its subsidiary Avelar Solar Technology LLC, in October 2018 Hevel emerged as one of the winners in a solar power auction in Kazakhstan in support of the country’s renewable energy programme for the year. Avelar Solar won a 15-year power purchase agreement (PPA) for the sale of power from a 70-MW solar park, expected to be commissioned in 2019-2020.