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)
Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.
© ZAWYA 2020