The Eurasian Development Bank (EDB) is backing a 300 MW ground-mounted solar PV power station in Kyrgyzstan, developed by local player Bishkek Solar. The bank has agreed to provide up to $210 million in long-term financing for the project including tied funding for 15 years.
Bishkek Solar plans to locate the project in Toru-Aigyr vollage of Issyk-Kul region of the Kyrgyz Republic. It is scheduled to be commissioned by the end of 2025.
The project is contracted to supply energy generated to the National Electric Grid of Kyrgyzstan (NEGK) under a 25-year agreement.
"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," said EDB Senior Managing Director, Denis Ilin. "The power plant will fully comply with international environmental and technical standards."
According to the International Renewable Energy Agency (IRENA), Kyrgyzstan aims to reduce its GHG emissions by 44% by 2030 and achieve carbon neutrality by 2050. However, large hydropower plants are the dominant source of electricity generation in the country that remain dependent on optimal weather conditions. It recommends the country to expand its renewable energy generation sources to include solar PV, wind and bioenergy to bring down its rising, expensive fossil fuel imports.