The loan agreement in respect of the commissioning of Unit 2 at Kamarata HPP 2 takes effect

29 April 2019

Moscow, 23 April 2019. On 17 April 2019, the agreement on extending a US $110 million investment credit from the Eurasian Fund for Stabilization and Development (EFSD, Fund) managed by the Eurasian Development Bank (EDB, Bank) took effect. The credit finances the commissioning of Unit 2 at Kambarata HPP 2 (“project”).

The project includes construction, procurement, delivery, installation and commissioning of Unit 2 at Kambarata HPP 2 (120 MW), a 500 kV outdoor switchgear, equipment for a 110 kV outdoor switchgear and transmission lines, as well as other infrastructure and systems to ensure the efficient and safe operation of the plant.

In the near future, the Kyrgyz Republic will begin to prepare tender documents to arrange procurement for the project using international bidding procedures.

Kambarata HHP 2 was initially intended to have three 120 MW units, with a design generation of 1,148 GWh, constructed on a rockfill dam formed by blasting a mountain on the right bank of the river. Unit 1 was commissioned on 27 November 2010. The yearly generation is 420-500 GWh, supplied to local 110 kV grids.

During project preparations it became clear that Kambarata needs to safely process the expected floodwaters and, therefore, the Kyrgyz Republic prepared and approved an action plan, which had been preliminarily approved by the Fund’s Council, to address this issue. The Fund’s Resources Manager is currently considering the Kyrgyz Republic’s preliminary application for financing this plan.

Therefore, two EFSD-funded projects will be run simultaneously at Kambarata HPP 2. They are expected to improve the nation’s energy security as well as the reliability and sustainability of electric power supplies, ensure the efficient use of the Naryn River hydropower potential and the possibility to settle the issues around the efficient use of the water and energy resources of the Toktogul Reservoir, reduce winter electricity shortages in the country and strengthen its foreign trade balance by enhancing electricity exports.

Additional Information:

The Eurasian Development Bank (EDB) is an international financial institution founded by Russia and Kazakhstan in January 2006 with the mission to facilitate the development of market economies, sustainable economic growth, and the expansion of mutual trade and other economic ties in its member states. The EDB's charter capital totals US $7 billion. The member states of the Bank are the Republic of Armenia, the Republic of Belarus, the Republic of Kazakhstan, the Kyrgyz Republic, the Russian Federation, and the Republic of Tajikistan. 

The Eurasian Fund for Stabilization and Development (EFSD) amounting to US$8.513 billion was formed on 9 June 2009 by the governments of the same six countries. The objectives of the EFSD are to assist its member countries in overcoming the consequences of the global financial crisis, ensure their economic and financial stability, and foster integration in the region. The EFSD member countries signed the Fund Management Agreement with Eurasian Development Bank giving it the role of the EFSD Resources Manager.

The EDB Media Centre:

Alexander Savelyev +7 (985) 765 23 59 (Moscow)

Azima Sapargaliyeva +7 (777) 750 00 08 (Almaty)

Sergey Gorbachev +7 (916) 727 22 00 (Moscow)

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