The EDB makes the first payment under a letter of credit open in the Chinese yuan for the supply of support structures from China to Kazakhstan
Moscow, 21 October 2019. The Eurasian Development Bank (EDB) made the first payment under a letter of credit open in the Chinese yuan under a foreign trade contract entered into by KB Enterprises with a Chinese supplier of support structures as part of the project to construct a 100 MW solar power plant near the settlement of Kabanbai Batyr in Akmola Region. Payments under the letter of credit will be made in instalments for respective shipments.
The solar power plant will be built using bifacial solar modules produced by Russia-based enterprises of the Hevel Group of Companies. The power plant is expected to be commissioned in the first quarter of 2020 and will supply electricity to Kazakhstan’s unified grid. Enhancing mutual trade increases settlements in the national currencies and is of benefit to both countries as it helps them to reduce dependence on third nations.
Additional Information:
The Eurasian Development Bank (EDB) is an international financial institution founded by Russia and Kazakhstan in January 2006 with the mission to facilitate the development of market economies, sustainable economic growth, and the expansion of mutual trade and other economic ties in its member states. The EDB's charter capital totals US $7 billion. The member states of the Bank are the Republic of Armenia, the Republic of Belarus, the Republic of Kazakhstan, the Kyrgyz Republic, the Russian Federation, and the Republic of Tajikistan.
The EDB Media Centre:
Alexander Savelyev +7 (985) 765 23 59 (Moscow)
Azima Sapargaliyeva +7 (777) 750 00 08 (Almaty)
Sergey Gorbachev +7 (916) 727 22 00 (Moscow)
The Hevel Group of Companies was established in 2009 and is Russia’s largest integrated company in the solar power sector. The company comprises three divisions: a solar module plant in Novocheboksarsk (Chuvash Republic), a development division that designs, builds and operates solar power plants, and the Research and Development Centre for Thin-Film Technologies in Energetics (St. Petersburg), which is Russia’s largest company specialising in photovoltaics.
Since 2014, the company has built 414 MW of solar generation networks in the republics of Altai, Bashkortostan, Buryatia, as well as in Astrakhan, Volgograd, Orenburg and Saratov Regions. The total capacity of network generation projects in Russia and Kazakhstan until 2022 is 907.5 MW and 238 MW, respectively.