The EDB signs a memorandum to finance the Hevel Group of Companies’ construction of solar power plants in Hungary

Budapest, 30 October 2019. The Eurasian Development Bank (EDB) and the Hevel Group of Companies signed a memorandum of cooperation in respect of projects in Hungary. These include, in particular, the planned construction of solar power plants with a total capacity of 76.6 MW.

The EDB and the Hevel Group of Companies have successfully cooperated since 2018. In February 2019, the EDB and Hevel Kazakhstan signed a long-term multi-currency loan facility agreement for a total of EUR 56.2 million to finance the construction of solar power plants with an installed capacity of up to 90 MW in Kazakhstan. In July, the EDB extended additional funds to the Hevel Group of Companies to purchase 95% of shares in KB Enterprises that holds rights to construct and operate the 100 MW Nura solar power plant near the settlement of Kabanbai Batyr in Akmola Region, Kazakhstan. The company plans to use heterogeneous PV panels manufactured by its Russia-based enterprises.

Approaching the Hungarian market will become a significant step in expanding Hevel’s presence in key markets, including the European one, and open opportunities for the export of high-tech renewable energy equipment and services from Russia.