Kyrgyzstan, Hungary sign $300 million solar development deal
Kyrgyzstan, Hungary sign $300 million solar development deal
From: PV Magazine
Kyrgyzstan’s National Investment Agency and Hungary’s Electron Holding have agreed to develop up to 300 MW of solar capacity in Kyrgyzstan with planned investments of $300 million.
Image: National Investment Agency of Kyrgyzstan
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According to reports published by the agency, the deal was made during a Hungarian-Kyrgyz business forum in Budapest, aimed at promoting Kyrgyzstan’s export potential and attracting foreign investments in priority areas including energy.
The agreement is set to cover the construction of solar power plants in Kyrgyzstan with a combined capacity up to 300 MW with planned investments totaling $300 million, the agency added. Further project details have yet to be publicised.
Kyrgyzstan’s solar market is still in its infancy, with the International Renewable Energy Agency (IRENA) reporting the country had 0 MW of solar at the end of 2024. The country’s energy system has traditionally relied heavily on hydropower, which accounts for around 90% of electricity generation.
In July, Kyrgyzstan’s Ministry of Energy signed an agreement with Vietnam’s Rox Energy Global and RECA LLC to develop a 1.9 GW solar project in the northeast of the country. An update posted by the ministry earlier in November stated 104.5 MW of solar panels have been delivered to site. The first phase of works, covering 150 MW, is planned for completion during the first half of 2026.
In October, the Energy Ministry signed an investment agreement with a consortia of Chinese companies for a 250 MW solar project scheduled for completion in 2027.
In March 2024, the European Development Bank announced it would provide up to $210 million in long-term financing to support the construction of a 300 MW solar plant.
According to its website, Electron Holding has 650 MW of foreign development projects in progress, as well as existing solar plants in Bosnia and Herzegovina, Greece, Hungary, Romania and Serbia.