Solidcore Resources plc, a gold mining company, has announced a significant investment in renewable energy projects. The company has secured a seven-year loan from Kazakhstan’s CentreCredit Bank to fund several renewable energy initiatives.
The funds will be used to launch renewable energy projects at the Bakyrchik and Varvarinskoye deposits. At Bakyrchik, a 17 MW solar power plant will be constructed, while at Varvarinskoye, a 23 MW solar plant will be built alongside a 40 MW gas piston unit to ensure energy supply during periods of low sunlight.
Approval for infrastructure related to the Kyzyl project is expected to take place this year, with alternative energy generation expected to begin in 2026.
This deal marks the first debt financing transaction after Polymetal International plc was rebranded and its key development strategy was updated. Going forward, Solidcore plans to collaborate with CentreCredit Bank and other local banks.
The mining company estimates that atmospheric emissions will be reduced by 27% compared to 2023 levels. The renewable energy projects are expected to reduce dependence on external energy sources, particularly coal-fired power plants, and mitigate the impact of rising energy costs.
