Development Bank of Kazakhstan funds wind energy farm to open in 2019

The Development Bank of Kazakhstan (DBK) is financing CATEC Green Energy’s construction of a wind power plant near the capital. The initial section, with a capacity of 50 megawatts, will be completed by mid-2019
Development Bank of Kazakhstan funds wind energy farm to open in 2019
01 February 09:52 2018 Print This Article

 

“The wind farm construction will contribute to the fulfilment of Kazakhstan’s international commitments to reduce greenhouse gas emissions. The project is also in congruence with the national strategy of transition to a green economy,” said CATEC Green Energy deputy director for technical matters Yedil Saryev.

The plant will be in Kostomar village, approximately 40 kilometres from the city. The project costs 46.1 billion tenge (US$143 million), with 30.5 billion tenge (US$94.8 million) issued by DBK as a 10.5-year loan and 3.6 billion tenge (US $11.2 million) provided by its subsidiary, DBK-Leasing, to purchase equipment. The company will use 12 billion tenge (US$37 million) of its own funds.

Once the first part is finished, the plant will be equipped with the necessary infrastructure and 15 Vestas wind generators. Approximately 300 jobs will be created during construction and 20 permanent positions will be offered to service the station.

After the second part is commissioned, the total capacity will reach 100 megawatts. The renewable energy will meet the demands of 10,000 families and simultaneously reduce reliance on fossil fuels.

“Environmental considerations are an integral part of the project. The launch of the wind power plant will allow reducing greenhouse gas emissions by 230,000 tonnes per annum, which exceeds the emissions of 113,000 cars per year. New developments and technologies for wind energy conversion adapted to the region’s climatic conditions will be applied,” said DBK’s client service senior banker Aizhan Bitebayeva.

CATEC Green Energy was established in 2014 to execute investment projects related to renewable energy sources. The company is also constructing a wind farm in Mangistau region and has contributed to the solar plant in Kapchagai and wind farms in Ereimentau and Shelek.

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