EBRD provides $39m loan to develop 100 MW wind projects in Kazakhstan

This will help Kazakhstan towards its carbon neutrality goal by 2060.

The European Bank for Reconstruction and Development (EBRD) provided up to a $39m loan to the joint venture of China Power International Holding and Visor International to build the 100-megawatt Shokpar wind power plant in Kazakhstan.

In a statement, EBRD said the wind project in the Zhanbyl region, which will be connected to the transmission grid, can help reduce the annual carbon dioxide emissions by almost 212,000 tonnes. It will also help the Central Asian country to achieve its 2060 carbon neutrality goal.

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The project is EBRD’s first wind energy project under Kazakhstan’s renewables auction scheme and the latest under its Kazakhstan Renewables Framework Programme II.

It will be co-financed by the Asian Infrastructure Investment Bank and backed by concessional financing of up to $10m from the Green Climate Fund and up to $5.7m from the Clean Technology Fund.

Kazakhstan is EBRD’s largest and longest-running banking operation in Central Asia with around $10.8b (EUR10b) invested in the country through 304 projects.

$1 = EUR0.93