The European Bank for Reconstruction and Development (EBRD) said on Friday it is providing financing to aid the construction and operation of a 100-MW wind power plant in Kazakhstan, supporting the country’s 2060 carbon neutrality goal.
The bank is extending a loan of up to USD 39 million (EUR 35.9m) to a joint venture between China Power International Holding and Visor International, an investment firm established by a group of Kazakh investment bankers. The joint venture partners are long-term clients of EBRD.
The loan will back the Shokpar wind power plant located in Kazakhstan’s Zhambyl region.
The project will be co-financed by the Asian Infrastructure Investment Bank. In addition, the Green Climate Fund and the Clean Technology Fund will provide a total of USD 15.7 million in concessional financing.
According to the project’s website, the wind park is currently under construction and expected to be online in the first quarter of 2024.
(USD 1 = EUR 0.920)