Page 5 - AsiaElec Week 46

AsiaElec COMMENTARY AsiaElec

The bond offers a chance for investors to Aida Sitdikova, director of energy Eurasia
invest in local currencies rather than relying on in the EBRD Sustainable Infrastructure Group,
international lenders. expressed hopes that China’s new 2060 Zero
The development comes after the Interna- Carbon agenda would have a major spillover
tional Renewable Energy Agency (IREAN) decarbonisation effect in the broader region.
recently emphasised the need to secure institu- Ms Parshad further voiced the EBRD’s inten-
tional investor cash to fund renewables. tions to continue supporting this exciting para-
The ADB raised Kazakhstani tenge (KZT) digm shift in Kazakhstan’s renewables journey,
13.96bn (€27.4mn) via two 24-month bonds. adding that “we would like to see sponsors like
The proceeds from the issuance will be used to CPIH champion new investments in renewable
finance climate change adaptation and mitiga- energy in our countries. And I am sure [that]
tion projects. we, AIIB, ICBC and many others will be willing
to support it. This signing sends a very impor-
Green agenda tant signal to governments and investors in the
It is the Bank’s 14th renewable energy project in region showing that it is possible to preserve the
the country and second signed under the Bank’s green agenda despite the current challenges. I
Kazakhstan Renewables Framework II. am delighted to have this piece of good news in
The original Framework approved in 2016 the midst of the world’s fight with the corona-
has been fully utilised in just three years, financ- virus pandemic, keeping our eyes on the green
ing €300mn of renewable energy and grid inte- recovery.”
gration projects. Meanwhile, Kazakhstan has also held its first
Kazakhstan’s Renewables Framework II round of 2020 renewable auctions. Despite a
builds on its predecessor and earmarks an addi- worsened macroeconomic environment and
tional €200mn to advance the green agenda in weaker local currency (in which the tariff is set),
the country’s power sector. the auctions were successful and re-confirmed
“It is great to see such reputable investors the continuing downward price trend.
and financiers joining Kazakhstan’s renewables The auction scheme, established with the
story. We are excited to broaden our partner- support of the Bank, further strengthens the
ships with CPIH, AIIB, GCF and ICBC,” said country’s green agenda, and serves as an impor-
Nandita Parshad, the managing director of the tant mechanism in steering the country towards
EBRD Sustainable Infrastructure Group, at the green recovery, even amidst a global crisis.
virtual signing ceremony. With competitive pricing and support under
China’s involvement is connected with Bei- the auction scheme, the country will incentivise
jing’s wider policy of achieving carbon neutrality introduction of more international players into
by 2060. the renewables market.™

Week 46 18•November•2020 www. NEWSBASE .com P5