Eurasian Development Bank funds Kyrgyzstan solar plant – Times of Central Asia.

By Oliver Townsend May 22, 2024
Eurasian Development Bank To Finance Another Solar Plant in Kyrgyzstan - The Times Of Central Asia.jpegOrginal image from: https://timesca.com/eurasian-development-bank-to-finance-another-solar-plant-in-kyrgyzstan/

The Eurasian Development Bank is taking steps to support the renewable energy sector in Kyrgyzstan by financing the construction of a new solar power plant. This initiative is part of a broader effort to enhance energy security, promote sustainability, and contribute to the achievement of the Sustainable Development Goals. The project, located in the village of Toru-Aigyr in Kyrgyzstan’s Issyk-Kul region, will utilize photovoltaic solar energy conversion technology with an installed capacity of up to 300 MW. Partnering with Bishkek Solar LLC, the Eurasian Development Bank aims to create a significant impact on the country’s energy landscape.

Project Overview

The solar power plant project in Kyrgyzstan involves several key agreements that are crucial for its successful implementation. These include agreements with JSC “NES Kyrgyzstan” for the purchase of all electricity generated for 25 years, a public-private partnership agreement with the Ministry of Energy of the Kyrgyz Republic, and an investment agreement with the Cabinet of Ministers of the Kyrgyz Republic for 25 years. The long-term financing plan includes tied funding of up to $210 million for 15 years, highlighting the bank’s commitment to supporting sustainable energy projects in the region.

Environmental Impact

The senior managing director of the Eurasian Development Bank, Denis Ilyin, emphasized the importance of the solar power plant project for the renewable energy sector in Kyrgyzstan. By adhering to international environmental and technical standards, the power plant will contribute to improving energy security, stability, and environmental sustainability in the country. The bank’s involvement in financing this project underscores its dedication to promoting green energy initiatives that align with global sustainability goals.

Future Prospects

In addition to the solar power plant project, the Eurasian Development Bank is also financing the construction of the Kulanak hydropower plant in Kyrgyzstan. As part of the larger “Water and Energy Complex of Central Asia” megaproject, the Kulanak plant is expected to enhance energy security and bolster Kyrgyzstan’s position in the regional electricity market. These initiatives reflect the bank’s strategic focus on supporting infrastructure development and sustainable energy projects that benefit the country and the region as a whole.

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