BAKU, Azerbaijan, Dec.18
By Nargiz Sadikhova - Trend:
The Asian Infrastructure Investment Bank (AIIB) has approved a $46.7 million loan for the construction and operation of a 100-MW wind power plant in Kazakhstan’s Zhambyl region which, when completed, will be the largest in Central Asia, a representative of AIIB told Trend.
According to the representative, this is bank's first project in Kazakhstan.
Earlier this year, on Nov. 28, 2019, AIIB Director General of Investment Operations Yee Ean Pang and Kazakhstan’s First Vice Minister of Energy Makhambet Dosmukhambetov signed a Memorandum of Understanding (MoU) to enhance the investing environment for renewable energy in Kazakhstan. The signing of the MoU set the foundation for AIIB to finance renewable energy projects in the country.
Within the framework of the approved project, the plant will be located approximately nine kilometers southwest of Zhanatas city in the southern Zhambyl region, and will, on a yearly basis, provide the country with approximately 319 gigawatt hours of renewable energy and reduce CO2 emissions by 260,623 tons.
According to the project summary, total project cost is $136.2 million, of which AIIB loan is about $46.7 million and the rest is to be funded by the sponsors and other financial institutions. Project’s sponsors are China Power International Holding Limited, and Visor Investments Cooperative U.A. companies.
AIIB is a multilateral development bank with a mission to improve social and economic outcomes in Asia. Headquartered in Beijing, bank began operations in January 2016 and have now grown to 100 approved members worldwide.
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