The Eurasian Development Bank (EDB) and Bishkek Solar have signed a cooperation agreement to finance the construction of a 300 MW photovoltaic power station in Toru-Aigyr village, Issyk-Kul Region, Kyrgyz Republic. The signing ceremony took place on 21 May in Bishkek, Kyrgyzstan.
The project includes several key agreements, including an agreement with the National Electric Grid of Kyrgyzstan (NEGK) to purchase all generated electricity for 25 years; a public-private partnership agreement with the Ministry of Energy of the Kyrgyz Republic; and a 25-year investment agreement for the project with the Cabinet of Ministers of the Kyrgyz Republic.
The EDB is expected to formulate the terms of long-term financing for the project, including tied funding, totalling up to US $210 million (in Chinese yuan) for 15 years. The power plant is scheduled to be commissioned by the end of 2025.
"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," emphasised Denis Ilin, EDB Senior Managing Director.
The EDB is also implementing a project for the construction and operation of the Kulanak HPP, worth up to US $127 million. As part of the Central Asian Water and Energy Complex mega-project, the Kulanak HPP is expected to contribute to energy security and strengthen Kyrgyzstan's position in Central Asia's electricity market.
The EDB has extensive experience in renewable energy projects. Notably, it supported the construction of seven solar power plants with a total capacity of 35 MW in Armenia, as well as ten solar power plants with a capacity of 305 MW and two wind farms in Kazakhstan. Overall, the Bank has invested US $674 million in renewable energy facilities since 2015.
The Eurasian Development Bank (EDB) is a multilateral development bank investing in Eurasia. For more than 18 years, the Bank has worked to strengthen and expand economic ties and foster comprehensive development in its member countries. The EDB's charter capital totals US $7 billion. Its portfolio consists principally of projects with an integration effect in transport infrastructure, digital systems, green energy, agriculture, manufacturing and mechanical engineering. The Bank adheres to the UN Sustainable Development Goals and ESG principles in its operations.
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