The Eurasian Development Bank and Bishkek Solar have signed an agreement to finance the construction of a 300 MW solar power plant in the village of Toru-Aigyr, Issyk-Kul region in eastern Kyrgyzstan. The bank will provide up to $210 million in long-term financing over a 15-year period.
The power plant is expected to be put into operation at the end of 2025. She is also supported by an agreement with National Electric Grid of Kyrgyzstan to purchase all electricity for a period of 25 years.
“This project is crucial for the advancement of the sustainable energy sector, especially solar energy,” said Senior Managing Director Denis Ilin of the Eurasian Development Bank. “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.”
The Eurasian Development Bank has invested more than $674 million in renewable energy facilities since 2015, including the construction of seven solar power plants with a total capacity of 35 MW in Armenia. It has also supported 10 solar power plants with a capacity of 303 MW in Kazakhstan.
Last year the Eurasian Development Bank announced a $127 million investment in a hydroelectric power plant in the village of Kulanak, eastern Kyrgyzstan.
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