The Asian Infrastructure Investment Bank (AIIB) is partnering with the Industrial and Commercial Bank of China, the Green Climate Fund (GCF) and the European Bank for Reconstruction and Development (EBRD) to help Kazakhstan reduce its reliance on coal for energy.
EBRD is providing $24.8 million in financing whilst AIIB is providing a $34.3 million loan. A $13.3 million loan is being provided by the Industrial and Commercial Bank of China and a $22.9 million loan from GCF.
The aid will enable the construction of a 100MW wind farm near the town of Zhanatas in the south of the country.
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.
Zhanatas Wind-Power Station will also leverage the funding 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.
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.