Ihlas Holding’s strategic subsidiary, Orta Asya Investment Holding, has signed the final agreements with the Kyrgyz Ministry of Energy for energy investments worth up to $10 billion, including a “20-year operation and purchase guarantee.”
With a total installed capacity of 2,217 megawatts (MWs), the Kazarman and Kokomeren hydroelectric power plant projects, which will change the balance in Central Asia, will also meet the energy needs of the Zangezur, Belt and Road, and Middle Corridor.
Orta Asya Investment Holding, a strategic subsidiary of Ihlas Holding, has reached another critical milestone for energy investments in Kyrgyzstan with an economic potential of up to $10 billion. Kyrgyz Minister of Energy Taalaybek Ibrayev and Chairman of the Board of Orta Asya Investment Holding Ahmet Mucahid Oren signed contracts for the Kazarman hydroelectric power plant with a capacity of 912 MW and the Kokomeren hydroelectric power plant with a capacity of 1,305 MW.
At the Turkic States Organization Summit held in Bishkek last November, the initial agreements for the projects were signed in the presence of the Turkish President Recep Tayyip Erdogan and the Kyrgyz President Sadyr Japarov. The newly signed final contract includes, in addition to the 20-year operation rights of the two plants, a state purchase guarantee for the electricity produced and provisions for international arbitration. At the signing ceremony held at the Kyrgyz Ministry of Energy, the strong support of the governments of Türkiye and Kyrgyzstan for the realization of the project was reaffirmed.
Speaking at the signing ceremony, Kyrgyz Minister of Energy Taalaybek Ibrayev expressed his satisfaction with Orta Asya Investment Holding’s conduct of investment processes in a transparent and internationally compliant manner. He stated that in the past, the country had experienced serious energy shortages, which were overcome thanks to reforms and investments during President Japarov’s term, and emphasized that a completely different process would begin in the country with the new projects.
Ihlas Holding and Orta Asya Investment Holding Chairman of the Board Ahmet Mucahid Oren stated that Türkiye, which experienced similar difficulties in the past, is in a completely different position today.
Highlighting Ihlas Holding’s experience, Oren said: “In the 1990s, we also participated in tenders for electricity distribution. We won the tender for a large region. Then the government fell, and the project was left unfinished. Back then, electricity loss rates exceeded 50%. Then, the distribution works were privatized. High-voltage lines were renewed, infrastructure was rebuilt, and now the loss rate is at very low levels. Therefore, with what we learned from these experiences, we want to not only build a project but also establish a model infrastructure for its management.”
