Eurasian Development Bank willing to finance Kambarata-1 hydroelectric power plant project in Kyrgyzstan
ALMATY. Dec 18 (Interfax) - The Eurasian Development Bank is willing to finance the Kambarata-1 hydroelectric power plant construction project in Kyrgyzstan, Ruslan Dalenov, deputy chairman of the EDB management board, said at a press conference in Almaty on Thursday.
"The Eurasian Development Bank is ready to participate in the Kambarata-1 HPP construction project and to consider more favorable financing terms," he said.
This major project, which is being delivered by a syndicate, is of interest to the EDB "given its importance to the region and its alignment with the bank's priorities."
"We are, of course, looking at proposals and are willing to discuss them subject to the consent of the syndicate, governments and companies involved in the project," Dalenov said.
He also said the first phase of a solar power plant in Kyrgyzstan's Issyk-Kul region, being built by the local company Bishkek Solar with co-financing from the EDB would be ready in 2026.
"The project is being delivered in two stages: 100 MW of capacity will be built in the first stage and 200 MW in the second. All permits for the first stage have been received, and construction and installation are underway. We are awaiting a government appraisal before work on the second stage begins. As far as we know, the first stage will be completed in 2026," Dalenov said.
He said the EDB planned to allocate $180 million for the solar plant project; that $117 million had already been allocated and that "funds are being disbursed on schedule."
Kyrgyzstan, Kazakhstan and Uzbekistan signed a cooperation agreement in June 2024 to build the Kambarata-1 HPP on Kyrgyz territory. The project costs were initially estimated at $4.5 billion-$5 billion. The EU signed documents with representatives of the three countries at the Global Gateway forum in Brussels in October this year to provide an overall $2.4 billion or the project.
The 1.86 GW plant is expected to generate 5 billion kWh of electricity annually and will address not only power supply but also water supply issues in the Central Asian region.
The Kyrgyz Energy Ministry unveiled plans to build a solar power plant on a 62-hectare site near the settlement of Toru-Aigyr in the Issyk-Kul region back in 2021. A memorandum was signed with Bishkek Solar LLC. However, the project has not advanced.
The EDB and Bishkek Solar signed a cooperation agreement in May 2024 to finance and implement the project. The plant was due to be commissioned by the end of 2025.
