The EDB to Finance the Kulanak HPP in the Kyrgyz Republic

Source: 2/2/2023, Location: Asia

The Eurasian Development Bank (EDB) and the Naryn Production Enterprise made an agreement to finance the construction and operation of the Kulanak HPP in the Kyrgyz Republic. The document was signed by Ruslan Dalenov, Vice Chairman of the EDB Management Board, and Kutubai Murzabayev, Director of the Naryn Production Enterprise.

The Kulanak HPP is a new milestone in the Central Asian Water and Energy Complex, a key investment mega-project of the EDB.

The 100 MW plant will generate 435 million kWh of electricity per year on average. This renewable energy facility will occupy an area of 485.41 hectares on the Naryn River near the village of Kulanak, Naryn Region, Kyrgyz Republic.

The plant is expected to consolidate the country’s position in Central Asia’s electricity market, reduce energy shortages in the region, which has only one 40 MW hydroelectricity plant, and improve energy security.

Its positive social effect will be in that it will create 835 jobs during the construction and operation phases.

The EDB Technical Assistance Fund has financed the verification of this project as green per the international loan principles of the Loan Market Association. The project will prevent the emission of 346,000 tonnes of greenhouse gases per year.

“The Kulanak HPP is not just a major project under the EDB’s Country Strategy for the Kyrgyz Republic, but also an important link in its Central Asian Water and Energy Complex mega-project. The commissioning of an additional 100 MW of generating capacity in Kyrgyzstan will address capacity shortages in its energy system. This will also provide an opportunity to more effectively distribute the daily loads of solar power plants and wind farms, which are planned to be built in all Central Asian countries,” said Ruslan Dalenov.

Ruslan Dalenov also emphasised that the new plant will help to reduce electricity shortages in Kyrgyzstan and improve the operation of water reservoirs for irrigated farming. After its commissioning, the area of irrigated agricultural land in the region will increase by a factor of 1.5 to 6,769 hectares.

The project value is US $117,989,262. The Russian-Kyrgyz Development Fund (RKDF) also plans to participate in financing the construction and operation of the Kulanak HPP on a par with the EDB. The project is supported by the government and is part of the Cabinet of Ministers’ Plan of Action to implement the 2026 National Development Programme.

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