The Asian Infrastructure Investment Bank (AIIB) has approved a US$46.7 million loan for the construction and operation of a 100MW wind power plant in Kazakhstan.
Located approximately nine kilometers southwest of Zhanatas in the southern Zhambyl region, the plant will provide the country with approximately 319 gigawatt hours of renewable energy annually, and reduce carbon dioxide emissions by 260,623 tons. It will be the largest wind plant in Central Asia.
The Zhanatas wind power plant is being planned under a memorandum of understanding between AIIB and the Ministry of Energy of the Republic of Kazakhstan, and the two entities said that it is laying the foundations for greater cooperation on renewable energy project financing.
“Our investment in the largest wind power plant in the region reflects AIIB’s support for the Government of Kazakhstan’s transition to a green economy, which will advance efforts to meet the country’s commitments under the Paris Agreement,” comments AIIB vice president and chief investment officer DJ Pandian.
The AIIB operates as a multilateral development bank outside of the Belt and Road Initiative (BRI), but Kazakhstan has been strengthening its ties with China under the BRI.
Early in 2019, China and Kazakhstan upgraded their relations to a permanent comprehensive strategic partnership.
In November, Chinese vice premier Han Zheng met with Kazakhstan's first deputy prime minister Alikhan Smailov in Beijing, who also co-chaired the ninth meeting of the China-Kazakhstan Cooperation Committee.
The China-Kazakhstan Cooperation Committee, as an intergovernmental mechanism, makes overall planning for, coordinates and guides bilateral cooperation.
Han said that the two countries should promote cooperation in industrial capacity, transportation, agriculture and energy.
He called on the two sides to jointly implement the synergy between the Silk Road Economic Belt and Kazakhstan's "Bright Road" new economic policy, strengthen innovation-driven cooperation, and carry out digital industry, blockchain and biotechnology cooperation to create new growth.