The European Bank for Reconstruction and Development (EBRD) is helping Kazakhstan meet its objective to achieve carbon neutrality by 2060 by providing funds for the construction of a new wind power plant in the Zhambyl region of the country.
The EBRD’s loan of up to US$ 39 million (to be disbursed in both US dollars and Kazakhstan tenge) will be extended to the joint venture between the Bank’s long-term clients China Power International Holding (CPIH) and Visor International. It will be used to build, operate and connect the 100 MW Shokpar wind power plant to the transmission grid.
The Bank’s first wind project implemented under Kazakhstan’s renewables auction scheme and the latest project under the EBRD’s Kazakhstan Renewables Framework Programme Phase II will be co-financed by the Asian Infrastructure Investment Bank.
It will be supported by concessional financing of up to US$ 10 million from the Green Climate Fund and up to US$ 5.7 million from the Clean Technology Fund.
As part of the project, CPIH has committed to implementing an inclusive educational programme in Kazakhstan in partnership with a local college. It will promote access to employment and green skills for women in the country.
Once operational, the Shokpar wind power plant is expected to help reduce annual CO2 emissions by almost 212,000 tonnes.
With over €10 billion invested in the country to date through 304 projects, Kazakhstan is the EBRD’s largest and longest-running banking operation in Central Asia.
Source : EBRD
