Russia's Unigreen buys stake in 48-MW wind project in Kazakhstan

January 27 (Renewables Now) - Moscow-based vertically integrated renewables company Unigreen Energy announced today that it has made its debut in the wind generation market with an acquisition of a 70% stake in a 48-MW wind power project in Kazakhstan.

Unigreen signed an agreement with Kazakh industrial engineering firm Unex Stroy to purchase the share in the charter capital of Kaz Wind Energy, the special purpose vehicle that holds the project.

The wind farm, set to be located in Kazakhstan's Kostanay region, will be constructed on a build-and-operate basis and operate under a 15-year power purchase agreement (PPA). It is expected to come online by the end of 2022, Unigreen said.

At present, Unigreen Energy is developing 55 MW of solar generation projects in Kazakhstan and 545 MW in Russia, and aims to run a global portfolio of 3 GW by 2024, it said.

Unigreen Energy is the subsidiary of Russian investment fund Ream Management, which invests in renewable energy, healthy nutrition and ecotourism projects.