Eurasian Development Bank to finance 300 MW of solar in Kyrgyzstan


The Eurasian Development Bank and Bishkek Solar have signed an agreement to finance the construction of a 300 MW solar plant in the village of Toru-Aigyr, in eastern Kyrgyzstan's Issyk-Kul region. The bank will provide up to $210 million of long-term financing for a period of 15 years.

The power plant is scheduled to be commissioned by the end of 2025. It is also supported by an agreement with National Electric Grid of Kyrgyzstan to purchase all the electricity for a period of 25 years.

“This project is of key importance for the advancement of the renewable energy sector, particularly solar energy,” said Eurasian Development Bank Senior Managing Director Denis Ilin. “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.”

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The Eurasian Development Bank has invested more than $674 million in renewable energy facilities since 2015, including the construction of seven solar plants with a total capacity of 35 MW in Armenia. It has also backed 10 solar plants with a capacity of 303 MW in Kazakhstan.

Last year, the Eurasian Development Bank announced a $127 million investment in a hydropower plant in the village of Kulanak, eastern Kyrgyzstan.

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