- Loans of US$ 34.3 million from AIIB and US$ 13.3 million from ICBC and US$ 22.9 million loan from GCF
- Reduction of annual CO2 emissions by 262,000 tonnes expected
The European Bank for Reconstruction and Development (EBRD) and its partners are promoting Kazakhstan’s further transition from coal-fired power plants to renewable-energy power generation by supporting the construction of a 100 MW wind farm near the town of Zhanatas in the south of the country.
The EBRD’s financing of up to US$ 24.8 million (in KZT equivalent) is the latest transaction under the Bank’s Kazakhstan Renewables Framework II. It will be complemented by a US$ 34.3 million loan from the Asian Infrastructure Investment Bank (AIIB), US$ 13.3 million loan from the Industrial and Commercial Bank of China and a concessional loan of up to US$ 22.9 million from the Green Climate Fund (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.
The Project will promote and improve awareness of employment opportunities in the renewable energy sector among young women and men by developing gender-sensitive training and employment programmes.
To date, the EBRD has invested over €8.63 billion through 273 projects in the economy of Kazakhstan.