A wind farm in Kazakhstan has now gotten the green light, thanks to substantial international investments.
When you read news about large renewable energy projects starting around the world, you almost always see them happening in highly industrialized countries.
But we shouldn’t ignore the efforts made by developing countries, especially when that news is made possible through investment and development funds.
A Kazakhstan wind farm has now gotten the green light, thanks to substantial international investments.
The Global Trade Review has some details of how this investment took shape.
“Co-financing for the Zhanatas Wind-Power Station comes in the form of a US$34.4mn loan from the AIIB, marking the first time the multilateral development bank has backed a renewable energy project in Central Asia, and US$24.8mn from the EBRD.
Other lenders include the Industrial and Commercial Bank of China (ICBC), which is providing a US$13.3mn loan, as well as the Green Climate Fund (GCF), which is supporting the project with a concessional loan of up to US$22.9mn.”
The project will use the funds to develop the wind farm as well as the required infrastructure for the 100-megawatt farm to deliver the electricity to the nearest city.
And this is only the first step.
Kazakhstan has committed to producing 10% of its electricity from wind resources by 2030.
For a developing nation, that’s a great ambition, especially when considering that they are looking at long-term benefits to the environment and economy.