The European Bank for Reconstruction and Development (EBRD) is providing an A/B loan of up to US$ 548 million (€467 million) to Aktas Energy for the construction and commissioning of the Mirny wind power plant in the Zhambyl region of Kazakhstan, the Bank's press service reported.
The A-loan of up to US$ 250 million (€ 213 million) is provided for the EBRD's own account. The B-loan of up to US$ 298 million (€ 254 million), will be syndicated to a group of co-lenders including the China Construction Bank, Qatar National Bank, Societe Generale and Standard Chartered.
The plant’s installed capacity will be 1 GW of clean energy and it will have a 300 MW / 600 MWh battery energy storage system (BESS). This will be the country’s largest onshore wind development and its first industrial-scale wind power plant with a BESS. Aktas Energy is a joint venture between TotalEnergies, sovereign wealth fund Samruk-Kazyna and a global integrated energy company, KazMunayGas, the national operator of Kazakhstan’s oil and gas industry.
The project is the result of an intergovernmental agreement between Kazakhstan and France. The EBRD’s investment will be co-financed by Proparco, a subsidiary of the Agence française de développement, and DEG, the German Investment Corporation and the Development Bank of Kazakhstan.
By combining power generation with battery storage, the plant will help to increase the stability of Kazakhstan’s grid and boost the country’s energy security, while preventing approximately 2.5 million tonnes of CO₂ emissions per year. Kazakhstan is one of the largest recipients of EBRD investment and primarily relies on coal for its 25 GW electricity system.
The country is aiming to achieve net-zero emissions by 2060 and is seeking to deliver 10 GW of renewable energy by 2035 with strong support from the EBRD. The EBRD has invested almost US$ 12 billion (€10.2 billion) in Kazakhstan to date through 345 projects, making the country the largest and longest‑running recipient of EBRD investment in Central Asia.
Previously, Qazinform reported Kazakhstan’s Samruk Kazyna Fund, KazMunayGas National Company and France’s TotalEnergies have signed an agreement on financing the Mirnyi Wind Power Plant construction project.