The Asian Infrastructure Investment Bank (AIIB) is partnering with the European Bank for Reconstruction and Development (EBRD), Industrial and Commercial Bank of China (ICBC) and the Green Climate Fund (GCF) on Kazakhstan wind power.
The funding will be promoting Kazakhstan’s further transition from coal-fired power plants to renewable energy power generation, by supporting the construction of a 100MW wind farm near the town of Zhanatas in the south of the country.
The EBRD will provide US$24.8 million financing in the latest transaction under the bank’s Kazakhstan Renewables Framework II. It will be complemented by a US$34.3 million loan from AIIB, a US$13.3 million loan from ICBC, and a concessional loan of up to US$22.9 million from GCF.
The funds will be used by Zhanatas Wind-Power Station, a special project company run and owned by China Power International Holding (CPIH) in partnership with Visor Investments Coöperatief, to construct and operate the wind farm as well as to build an 8.6-kilometre 110 kV single-circuit line connecting the facility to the national grid.
The new wind power plant will help reduce annual CO2 emissions by approximately 262,000 tonnes and contribute to meeting Kazakhstan’s goal of becoming a leader in the development of renewable energy in Central Asia by significantly reducing national emissions. The project is also in line with the EBRD’s Green Economy Transition approach.
To date, the EBRD has invested over 8.63 billion euros (US$10.2 billion) through 273 projects in Kazakhstan.