European Bank for Reconstruction and Development (EBRD) has offered Wind Power Yereymentau a KZT14bn (€59.2m) loan for the development of a 50MW wind power project in Kazakhstan.
The project will be the first large-scale wind farm in Kazakhstan that will be financed under the new feed-in-tariff mechanism.
Located in Yereymentau in central Kazakhstan, the scope of the plan will involve construction, commissioning and launch of a greenfield 50MW wind power plant, which will then be connected to the power transmission grid.
In addition to the EBRD, Clean Technology Fund (CTF) will offer up to €18m of concessional financing for the project, the first in the country.
Kazakhstan’s national energy company JSC Samruk-Energo will guarantee the loan for the Yereymentau Wind Park.
JSC Samruk-Energo management board chairman Almassadam Satkaliyev said: "This year we are completing the construction of the first wind farm with a 45MW capacity.
"Our partnership with the EBRD and the CTF will enable us to increase capacity up to 95MW."
EBRD energy and natural resources managing director Riccardo Puliti said: "Supporting clean energy projects is at the core of the EBRD’s mandate.
"We stand ready to help Kazakhstan unlock its potential in renewables by financing pilot projects with strong local and foreign companies."
The project will be carried out under Kazakhstan’s new regulations, which include the renewable energy law introduced in June 2013.
It will also set the benchmark for developing, building and operating a greenfield renewable project.