AIIB Finances Second Wind Power Project in Southern Kazakhstan
The Asian Infrastructure Investment Bank (AIIB) has signed a USD36 million loan agreement for the development, construction and operation of a 100-megawatt (MW) wind power plant in the Zhambyl region of Southern Kazakhstan.
November 08, 2023. By News Bureau
The Asian Infrastructure Investment Bank (AIIB) has signed a USD36-million loan agreement for the development, construction and operation of a 100-megawatt (MW) wind power plant in the Zhambyl region of Southern Kazakhstan.
The project is codeveloped by China Power International Holding and Visor International DMCC and will be cofinanced by the European Bank for Reconstruction and Development. It will also be supported by concessional financing of up to USD10 million from the Green Climate Fund and up to USD5.7 million from the Clean Technology Fund. The project funds will be allocated for the construction and operation of the power plant and its integration into the power grid.
The development of wind power in Central Asia will boost Kazakhstan's renewable energy capacity and contribute to the reduction of greenhouse gas emissions in the region.
When fully operational, the plant is expected to help reduce the country's emissions by over 200,000 tons of carbon dioxide-equivalent per year on average.
The investment builds on AIIB's expanding portfolio of sustainable infrastructure projects in the region. It firmly aligns with AIIB's commitment to ensure that 50 percent of all overall approved financing will be directed toward climate finance by 2025.
"Our second investment into wind power in Kazakhstan underlines AIIB's support for the Government of Kazakhstan's transition to a green economy," said Konstantin Limitovskiy, AIIB's Vice President for Investment Operations (Region 2: Pakistan, Afghanistan, Central Asia, East Asia, West Asia, Europe, Africa and Latin America). "This project fully aligns with AIIB's Energy Sector Strategy and priorities. It will further strengthen Kazakhstan's renewable energy infrastructure and reduce the carbon intensity of its energy supply."
The Shokpar 100 MW Wind Power Plant project follows the successful implementation of the 100 MW Zhanatas Wind Power Plant that sits on an adjacent land plot. AIIB approved the Zhanatas project in 2019, and all its 40 turbines have been fully operational since 2021.
To date, AIIB has approved over USD836 million in capital to projects in Kazakhstan.
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