AIIB to finance second wind power project in Kazakhstan’s Zhambyl region
The Asian Infrastructure Investment Bank (AIIB) will invest 36 million US dollars in green energy sector of Zhambyl region. This will be the second large wind power project financed by the AIIB in Kazakhstan, Kazinform News Agency reports.
As reported, an agreement on implementation of a large-scale wind power project in Kazakhstan was signed during President Kassym-Jomart Tokayev’s visit to China in May 2023 between the Kazakh Ministry of Energy, JSC Samruk-Kazyna, China Power International Holding Ltd and SANY Renewable Energy.
As the Bank's press service says, the AIIB signed a USD36-million loan agreement for the development, construction and operation of a 100-megawatt (MW) wind power plant in Zhambyl region of Kazakhstan.
The project is codeveloped by China Power International Holding and Visor International DMCC and will be co-financed 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.
According to Konstantin Limitovskiy, AIIB’s Vice President for Investment Operations, this is AIIB’s second investment into wind power in Kazakhstan which underlines AIIB’s support for the Government of Kazakhstan’s transition to a green economy.
In his words, the project fully aligns with the 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.
