European Bank for Reconstruction and Development (EBRD) has offered a KZT14bn (€59.2m) loan to Wind Power Yereymentau, a special-purpose vehicle in Kazakhstan, for development of a 50MW wind power project in the country.

The project will be the first large-scale wind farm in Kazakhstan that will be financed under the new feed-in-tariff mechanism.

Located in Yereymentau in central Kazakhstan, the scope of the plan will involve construction, commissioning and launch of a greenfield 50 MW wind power plant, which will then need to be connected to the power transmission grid.

Besides EBRD, Clean Technology Fund (CTF) will offer up to €18m of concessional financing for the project, which is the first for the country.

Kazakhstan’s national energy company JSC Samruk-Energo will guarantee the loan for the Yereymentau Wind Park.

JSC Samruk-Energo management board chairman Almassadam Satkaliyev said: “The signing of this loan agreement is in line with Kazakhstan’s low-carbon economy agenda.

“This year we are completing the construction of the first wind farm with a 45 MW capacity.

“Our partnership with the EBRD and the CTF will enable us to increase capacity up to 95 MW.”

EBRD energy and natural resources managing director Riccardo Puliti said: “Supporting clean energy projects is at the core of the EBRD’s mandate.

“We stand ready to help Kazakhstan unlock its potential in renewables by financing pilot projects with strong local and foreign companies.”

The project will road-test the new regulations in the country, which include the renewable energy law introduced in June 2013.

It will also set the benchmark with regard to developing, building and operating a greenfield renewable project.