Kyrgyzstan and Hungary sign a $300 million solar energy development agreement – ​​SPE

Kyrgyzstan’s National Investment Agency has signed a memorandum of cooperation with Hungarian energy company Electron Holding for 300 MW of solar energy.

According to reports published by the agency, the deal was concluded during a Hungarian-Kyrgyz business forum in Budapest aimed at promoting Kyrgyzstan‘s export potential and attracting foreign investment in priority areas, including energy.

The agreement covers the construction of solar power plants in Kyrgyzstan with a combined capacity of up to 300 MW with planned investments totaling $300 million, the agency added. Further project details have yet to be announced.

The solar energy market in Kyrgyzstan is still in its infancy. The International Renewable Energy Agency (IRENA) reports that the country had 0 MW of solar energy at the end of 2024. The country’s energy system has traditionally been heavily dependent on hydropower, which accounts for approximately 90% of electricity generation.

In July, the Kyrgyz Ministry of Energy signed an agreement with Vietnam’s Rox Energy Global and RECA LLC Solar project of 1.9 GW in the northeast of the country. In an update the ministry posted earlier in November, it was stated that 104.5 MW of solar panels had been delivered to the site. The first phase of works, covering 150 MW, is expected to be completed in the first half of 2026.

In October, the Ministry of Energy signed an investment agreement with a consortia of Chinese companies for a 250 MW solar project expected to be completed 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 power plant.

According to its website, Electron Holding has 650 MW of foreign development projects in progress, as well as existing solar power plants in Bosnia and Herzegovina, Greece, Hungary, Romania and Serbia.

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