AIIB approves debt funding for 100-MW Kazakh wind project

The Asian Infrastructure Investment Bank (AIIB) has given the green light to a financing deal backing the development and construction of a 100-MW wind power plant in Kazakhstan, official documents show.

The multilateral development bank will extend USD 40 million (EUR 37.8m) in debt for the project proposed by a joint venture between China Power International Holding and Visor International, an investment firm established by a group of Kazakh investment bankers. The loan will back the installation of the Shokpar wind power plant in the Sarysu district of Kazakhstan’s Zhambyl region.

The project will be co-financed by the European Bank for Reconstruction and Development (EBRD, which in September committed to providing up to USD 39 million in debt. Additionally, the Green Climate Fund and the Clean Technology Fund will extend a total of USD 15.7 million in concessional financing.

According to the project’s website, the wind park is currently under construction and should go online in the first quarter of 2024. Its operation will back Kazakhstan’s goal for net-zero greenhouse gas emissions by 2060.

(USD 1.0 = EUR 0.945)

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