White & Case Advises AIIB, EBRD and ICBC on Financing of one of the Largest Wind Farms in Central Asia

Global law firm White & Case LLP has advised Asian Infrastructure Investment Bank (AIIB), European Bank for Reconstruction and Development (EBRD) and Industrial and Commercial Bank of China Limited (ICBC) on a project financing for Zhanatas Wind-Power Station LLP's construction and operation of a 100 MW wind farm, including 8.6km 110kV single circuit line connecting to an existing substation, in the Zhambyl region of south Kazakhstan.

White & Case partner and Beijing Office Executive Partner David Li, who led the Firm's deal team, said: "We have supported leading sovereign infrastructure financing institutions on this landmark transaction. The successful financial closing was an opportunity to apply our experience advising on the financing of complex cross-border transactions in the renewables sector, and to support our clients in their commitment to sustainable economic development."

This project is by far one of the largest ever wind farms in Central Asia, when completed. EBRD has also deployed part of the funding for the project which was provided by the Green Climate Fund (GCF).

The successful financial closing includes a number of market firsts:

• The first wind farm developed in Kazakhstan under a project finance structure.
• The first renewables project in Central Asia to be funded by AIIB.
• The first renewables project in Kazakhstan to be co-financed by a commercial bank.
• The first wind farm in Central Asia to be developed by leading Chinese energy developer.

This project supports the green investment and social progress targets articulated by AIIB and EBRD. On an annual basis, the plant will provide Kazakhstan with approximately 320 gigawatt hours of renewable energy and help reduce the country's annual CO₂ emissions by approximately 262,000 tonnes. Zhanatas Wind project supports Kazakhstan's determination in developing the renewable energy sector. It will also contribute to Kazakhstan's effort towards meeting the country's goal under the Paris Agreement to reach 6 percent share of renewables in total generation by 2025, and towards becoming a leader in the development of renewable energy in Central Asia by significantly reducing national emissions.

In addition, the relevant parties will work together to support women's access to economic opportunities in the renewable energy sector in Kazakhstan, including through access to high quality technical skills training.

The White & Case team which advised in the transaction was led by partner David Li (Beijing) and included partners Fergus Smith, Matthew Osborne (both Singapore), Melody Chan (Hong Kong, China), Claire Matheson Kirton (Dubai) and Maxim Telemtayev (Nur-Sultan), and associates Tianren Liu (Beijing), Chingiz Kraibekov, Aigerim Raikhanova (both Nur-Sultan), Nettie Choo (Singapore), Wilson Leung (Hong Kong, China) and Mikaela Nikolausson (Dubai).

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