BRI: AIIB, ICBC participate in financing Kazakhstan wind farm

Other participants in the $95mln financing include EBRD and GCF

  
Image used for illustrative purpose only.Wind turbines for generating electricity are seen at a wind farm in Guazhou, 950km northwest of Lanzhou, Gansu Province.

Image used for illustrative purpose only.Wind turbines for generating electricity are seen at a wind farm in Guazhou, 950km northwest of Lanzhou, Gansu Province.

REUTERS/Carlos Barria

The European Bank for Reconstruction and Development (EBRD), Asian Infrastructure Investment Bank (AIIB), the Industrial and Commercial Bank of China and the Green Climate Fund (GCF) have joined hands to support a 100 megawatt (MW) wind farm near the town of Zhanatas in Kazakhstan, it was announced on Monday.

EBRD is providing up to $24.8 million under its Kazakhstan Renewables Framework II; AIIB is providing a $13.3 million loan; ICBC is lending 13.3 million while GCF is providing $22.9 million, according to a EBRD press statement.

The funds would be used by Zhanatas Wind-Power Station, a special project company run and owned by China Power International Holding (CPIH) in partnership with Visor Investments Coöperatief, to construct and operate the wind farm as well as to build an 8.6-kilometre 110 kV single-circuit line connecting the facility to the national grid, the EBRD statement said.

The project would support Kazakhstan's transition from coal-fired power plants to renewable-energy power generation.

(Writing by Syed Ameen Kader; Editing by Anoop Menon)

(anoop.menon@refinitiv.com)

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