The EDB to support 500 MW of green power generation by 2024

27 September 2021

Moscow, 24 September 2021. The Eurasian Development Bank (EDB) intends to support green power generation projects with a total capacity of 500 MW by 2024. Financing will total US $600 million. Alexander Gareyev, Managing Director and Head of the EDB Directorate for Energy, said this at Kommersant’s Energy of Russia: New Cycle – New Transformation conference. The EDB was a partner of the event.

“The value of green projects in the Bank’s current investment portfolio is about US $500 million, or 11%. Of these, two are infrastructure projects and eight are renewable energy and utilities projects,” said Alexander Gareyev.

As a multilateral bank, the EDB supports the export of Russian renewable energy equipment for energy projects in Kazakhstan. The capacity of projects financed in this way in Kazakhstan is around 250 MW.

Alexander Gareyev noted that, taking into account current energy developments and the need to reduce the EAEU’s carbon footprint, the EDB and the Global Energy Association are working on a joint report entitled Clean Technologies for Eurasia’s Sustainable Future. The paper considers hydrogen energy and storage, offshore wind energy, hybrid materials for alternative energy, and CO2 capture, storage and transport technologies. The report is planned to be presented at the Second Eurasian Congress in December 2021.

Additional Information:

The Eurasian Development Bank (EDB) is an international financial institution promoting integration and development in its member countries. For 15 years, the Bank has worked to strengthen and broaden economic ties and foster comprehensive development in its member countries – Armenia, Belarus, Kazakhstan, the Kyrgyz Republic, Russia, and Tajikistan. The EDB's charter capital totals US $7 billion. The EDB’s portfolio mainly consists of projects with an integration effect in the areas of transport infrastructure, digitalisation, green energy, agriculture, industry, and mechanical engineering. The Bank adheres to the UN Sustainable Development Goals and ESG principles in its operations.

The EDB Media Centre:

Azima Sapargaliyeva +7 (777) 750 00 08 (Almaty)

Sergey Gorbachev +7 (916) 727 22 00 (Moscow)

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