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Solar power plant in Issyk-Kul region: EDB to help with financing

The Eurasian Development Bank (EDB) and Bishkek Solar LLC have signed a cooperation agreement to finance the construction of a 300 MW photovoltaic power station in Toru-Aigyr village, Issyk-Kul region of the Kyrgyz Republic. The press service of the bank reported.

The project includes several key agreements:

  • An agreement with the National Electric Grid of Kyrgyzstan to purchase all generated electricity for 25 years;
  • A public-private partnership agreement with the Ministry of Energy of the Kyrgyz Republic;
  • 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, totaling up to $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,» Denis Ilin, EDB Senior Managing Director, said.

The EDB has extensive experience in renewable energy projects. 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 303 MW and two wind farms in Kazakhstan. Overall, the bank has invested $674 million in renewable energy facilities since 2015.