EDB to finance 300-MW solar project in Kyrgyzstan

The Eurasian Development Bank (EDB) announced on Tuesday the signing of a cooperation deal with Bishkek Solar in connection with a 300-MW solar photovoltaic (PV) project in the Kyrgyz Republic, or Kyrgyzstan.

The multilateral development bank is expected to formulate the terms of a 15-year financing of up to USD 210 million (EUR 194m) for the construction of the solar plant.

The solar park is intended to be built in Toru-Aigyr village, Issyk-Kul Region, and is seen to be commissioned by the end of next year. The project includes a number of key agreements such as a 25-year offtake contract with the National Electric Grid of Kyrgyzstan (NEGK), a public-private partnership agreement with the Ministry of Energy, and a 25-year investment agreement with the Cabinet of Ministers.

"This project is of key importance for the advancement of the renewable energy sector, particularly solar energy, in the Kyrgyz Republic. It will contribute to greater energy security, stability and the Sustainable Development Goals. The power plant will fully comply with international environmental and technical standards,” said Denis Ilin, EDB Senior Managing Director.

In the meantime, the lender is also participating in a project to build and operate the USD-127-million Kulanak hydropower plant in Kyrgyzstan.

(USD 1.0 = EUR 0.923)

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