EDB to finance wind farm construction in Kazakhstan

NUR-SULTAN (TCA) — The Eurasian Development Bank (EDB) and Ereymentau Wind Power, a company of the Samruk-Energy holding company, have signed a KZT 23.2 billion loan agreement to finance the construction of a 50 MW wind farm near the town of Ereymentau in Kazakhstan.

The project is of social and economic importance to Kazakhstan’s Akmola Region and is expected to improve the financial situation, energy sufficiency, as well as reliability of electric power supplies to Kazakhstan’s central and northern regions. The use of renewable energy has a positive effect on the environment and substitutes generation by thermal power plants, EDB’s press office said.

The 50 MW wind farm near Ereymentau is not the only example of the EDB’s successful cooperation with Samruk-Energy in promoting renewable energy projects in Kazakhstan. In 2013, the Bank financed the construction of a 45 MW wind farm by the First Wind Power Plant in the same region, which was commissioned in 2015 and is currently in operation.

The Eurasian Development Bank (EDB) is an international financial institution founded by Russia and Kazakhstan in 2006 with the mission to facilitate the development of market economies, sustainable economic growth, and the expansion of mutual trade and other economic ties in its member states. The EDB’s charter capital totals US $7 billion. The member states of the Bank are Armenia, Belarus, Kazakhstan, the Kyrgyz Republic, the Russian Federation, and Tajikistan.

Samruk-Energy is Kazakhstan’s largest diversified energy holding company, which is building a highly efficient system of electric power supplies to ensure sustainable development of all industries in Kazakhstan.

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Times of Central Asia