The financing supports the country's transition from coal-fired power plants to renewable-energy power generation
The EBRD’s financing of up to $24.8m is newest transaction under the Bank’s Kazakhstan Renewables Framework II. (Credit: The European Bank for Reconstruction and Development)
The European Bank for Reconstruction and Development (EBRD) and its partners have provided $95.3m financing for a 100MW wind project in Kazakhstan.
The financing is aimed at supporting the country’s further transition from coal-fired power plants to renewable-energy power generation.
To be near the town of Zhanatas in the south of the country, the wind farm will help reduce annual CO2 emissions by approximately 262,000 tonnes.
The EBRD’s financing of up to $24.8m is newest transaction under the Bank’s Kazakhstan Renewables Framework II. The Asian Infrastructure Investment Bank is providing a $34.3m loan for the project.
A loan of $13.3m will be provided by the Industrial and Commercial Bank of China. A special consideration loan of $22.9m will be provided by the Green Climate Fund (GCF).
Financing will support construction and operation of the wind farm
The financing provided the EBRD and its partners will be used 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.
Zhanatas Wind-Power Station, a special project company run and owned by China Power International Holding (CPIH) in partnership with Visor Investments Coöperatief will receive the funding for the project.
“To date, the EBRD has invested over €8.63 billion through 273 projects in the economy of Kazakhstan.”
In September, the EBRD had provided a new financing for the construction of a 76MW solar plant in the Karaganda region of Kazakhstan.