Solidcore Resources plc and Kazakhstani Bank CenterCredit (BCC) have entered into an agreement for a 7-year loan facility of up to USD 60 million to finance the construction of solar and gas piston power plants at the Company?s operations. The funds received from BCC will be used to finance the construction of a 23 MW solar power plant and a 40 MW gas piston power plant at Varvara, as well as the construction of a 17 MW solar power plant at Kyzyl (the latter will be considered by the Board this year). The power plants are expected to be launched in 2026.
Once operational, they will replace purchased electricity generated primarily by coal power plants, and thereby reduce the Company?s emissions by 27% compared to 2023, minimise reliance on external energy sources, and help mitigate the risk of rising electricity tariffs.
