ASTANA – Aiming to support Kazakhstan in its efforts to achieve carbon neutrality by 2060, the European Bank for Reconstruction and Development (EBRD) provides financial support for building a new 100-megawatt wind power plant Shokpar in the Zhambyl Region, the EBRD’s press service reported on Sept. 1.
The EBRD will extend a loan of up to $39 million between its long-term clients, China Power International Holding (CPIH) and Visor International, for the project designed to generate renewable energy and connect the wind power plant to the national transmission grid.
The Asian Infrastructure Investment Bank will co-finance the EBRD’s first wind project implemented under the country’s renewables auction scheme and the latest project under the EBRD’s Kazakhstan Renewables Framework Programme Phase II.
The project will benefit from concessional financing of up to $10 million from the Green Climate Fund and $5.7 million from the Clean Technology Fund.
CPIH pledged to put in place an inclusive educational program in partnership with a local college in Kazakhstan to promote access to employment and green skills for women.
Once operational, the Shokpar wind power plant is expected to reduce annual carbon dioxide emissions by almost 212,000 tonnes.
Kazakhstan is the EBRD’s largest and longest-running banking operation in Central Asia, with 304 projects delivered at a value of over 10 billion euros ($10.7 billion) worth of investment.