ASTANA, Kazakhstan, September 5. The European Bank for Reconstruction and Development (EBRD) will provide a loan, to help build a new wind power plant in the Zhambyl region of Kazakhstan, Trend reports.
The EBRD hopes to help Kazakhstan achieve carbon neutrality by 2060.
The EBRD will provide a loan to a joint venture between China Power International Holding (CPIH) and Visor International, the bank's regular customers. The loan amount will be up to $39 million (to be disbursed in both US dollars and Kazakhstan tenge).
The money is planned to be used for the construction, operation and connection of the Shokpar wind farm with a capacity of 100 MW to the power grid.
The Asian Infrastructure Investment Bank will also be a co-financier of the project.
The project will be supported by concessional financing of up to $10 million from the Green Climate Fund and up to $5.7 million from the Clean Technology Fund.
As part of the project, CPIH in partnership with a local college to implementing an inclusive educational program in Kazakhstan, which will promote access to employment and green skills for women in the country.
Shokpar wind power plant is slated to help reduce annual CO2 emissions by almost 212,000 tons once commissioned.
With over 10 billion euro invested in the country to date through 304 projects, Kazakhstan is the EBRD’s largest and longest-running banking operation in Central Asia.