The Asian Infrastructure Investment Bank (AIIB), European Bank for Reconstruction and Development (EBRD), Industrial and Commercial Bank of China (ICBC), and the Green Climate Fund  have closed the debt financing for a wind farm in Kazakhstan.

The funds will be used by Zhanatas Wind Power Station, a special project company run and owned by China Power International Holdings (CPIH) in partnership with Visor Investments Coöperatief. White & Case advised AIIB, EBRD and ICBC.

White & Case partner and Beijing Office executive partner David Li, who led the firm's deal team, says the project will be one of the largest-ever wind farms in Central Asia.

The successful financial closing includes a number of market firsts. It is the first wind farm developed in Kazakhstan under a project finance structure, the first renewables project in Central Asia to be funded by AIIB, the first renewables project in Kazakhstan to be co-financed by a commercial bank, and the first wind farm in Central Asia to be developed by leading Chinese energy developer.