DBK has been considering green projects since 2015 when the government first established long-term fixed rates and introduced a centralized electricity purchase for renewable RES facilities. In four years, the Bank has made significant progress in the development of alternative energy sources. To date, the Bank's portfolio has already presented projects in all areas: the sun, wind and water, the total amount of loans for which is KZT 55.5 billion. Within the RES projects, the share in the total installed capacity at the Bank is led by solar power plants. Based on international practices, studying the legislation of Kazakhstan, as well as comparing world practices, it was possible to identify a number of bottlenecks that act as a deterrent measure in the development of RES in Kazakhstan.
The main problem, according to Mr. Ismagambetov, is the risks associated with the tenge exchange rate against solid world currencies. In respect of high-interest rates in the national currency due to low liquidity and inflation expectations, foreign currency loans seem to be more attractive. That, subsequently, entails the emergence of large currency risks that are difficult to predict in the long run. For this very reason, currently, the DBK does not finance projects in foreign currency that do not involve the receipt of foreign currency receipts. The solution to this problem can be the provision of renewable energy projects with available liquidity in tenge. In addition, the reduction of the tariff for renewable energy on auction projects also requires the availability of preferential tenge funding and an increase in the duration of contracts with FSC to ensure a sufficient payback period for projects.
Let us recall that in the assets of DBK, there are 2 projects for the construction of HPPs - Turgusunskaya HPP in East Kazakhstan region with a capacity of 24.9 MW, and Moynak HPP with a capacity of 300 MW. By the end of this year, the launch of Astana Expo-2017 wind-power station is expected in the village of Kostomar, Akmola region. The bank financed the production of the first 50 MW. Among the solar projects, the Bank approved 2 projects, one of them is now fully financed (Turkestan region, with a capacity of 20 MW), the second one is approved (Almaty region, with a capacity of 100 MW). Its commissioning is expected in the third quarter of this year.
