The Asian Infrastructure Investment Bank (AIIB) has approved a $36 million loan for the Shokpar 100 MW Wind Power Plant, located in Kazakhstan’s Zhambyl Region. The project is co-developed by China Power International Holding and Visor International DMCC, with additional support from the European Bank for Reconstruction and Development.
In addition to the AIIB funding, the Green Climate Fund, under the United Nations Framework Convention on Climate Change, will provide $10 million in concessional financing. The Clean Technology Fund will supplement this with an extra $5.7 million.
The Shokpar initiative is expected to significantly enhance Central Asia’s renewable energy development and boost Kazakhstan’s renewable energy capacity. Once operational, the plant will reduce over 200,000 tons of carbon dioxide-equivalent annually, indicating a substantial decrease in regional greenhouse gas emissions.
AIIB’s Vice President, Konstantin Limitovskiy, emphasized AIIB’s commitment to supporting Kazakhstan’s transition to a green economy. He confirmed that the project aligns with AIIB’s Energy Sector Strategy that aims to boost renewable energy capacity and reduce greenhouse gas emissions.
The Shokpar project follows the successful Zhanatas Wind Power Plant that became fully operational in 2021. AIIB, a multilateral institution with $100 billion capitalization and a Triple-A rating from international credit agencies, is committed to financing sustainable infrastructure projects. It collaborates with global partners to address infrastructure needs, focusing on green, technology-enabled projects that enhance regional connectivity.
To date, AIIB’s total capital commitment to Kazakhstan projects is over $836 million. This demonstrates the bank’s ongoing commitment to sustainable development and green energy initiatives within the region.
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