Kyrgyz PM Kasymaliyev pledges full support for Ihlas Holding’s energy investments

Kyrgyz Prime Minister Adylbek Kasymaliyev assured Türkiye’s Ihlas Holding Chairman Ahmet Mucahid Oren that his government is fully committed to supporting the Orta Asya Investment Holding’s planned energy projects in the country, including the Bishkek Natural Gas Combined Cycle Power Plant and the Kazarman Hydroelectric Power Plant.

During a meeting on Sunday, Kasymaliyev welcomed a delegation from Ihlas Holding and its subsidiary, Orta Asya Investment Holding, led by Ahmed Mucahid Oren. Kyrgyz counterparts included Deputy Prime Minister Azamat Kadiraliyev, Energy Minister Talaybek Ibraev, and Acting Mayor Talaybek Baygaziev.

Senior executives from Orta Asya Investment Holding were also present, including co-founder and general manager Haluk Sur, board member Selcuk Gezer, and project development director Tariel Ermaaev.

The discussions focused on implementing a $7 billion energy agreement signed in November in the presence of Turkish President Recep Tayyip Erdogan and Kyrgyz President Sadyr Japarov.

2 major energy projects moving forward

Prime Minister Kasymaliyev, who took office in December 2024, received updates on the Bishkek CHPP-2 Natural Gas Combined Cycle Power Plant and the Kazarman Hydroelectric Power Plant. Officials informed him that the gas plant’s capacity had been increased to 270 megawatt (MW), with a gas supply rate of 50,000 cubic meters (13.2 million gallons) per hour.

An additional $45 million investment has been allocated to minimize disruptions to local communities. The project includes installing a 10-kilometer (6.21 miles) hot water pipeline, a 14-kilometer high-pressure (12-bar) natural gas pipeline, and a 3-kilometer transmission line to connect the plant to the power grid.

Both sides agreed that international investment criteria and standards must be strictly followed in determining energy purchasing terms and pricing.

Orta Asya Investment Holding Chairman Oren confirmed that feasibility and preliminary design studies have been completed and that the company is ready to sign the Power Purchase Agreement (PPA) with the Kyrgyz government.

Oren also reported that work on the Kazarman Hydroelectric Power Plant is progressing despite harsh winter conditions. The technical team has conducted on-site assessments while actively engaging with local communities to address environmental, Social, and Governance (ESG) factors.

With geological, topographical, and hydrological data collection set to continue in the spring, Oren noted that technological advancements in turbine efficiency could increase the plant’s capacity from the previously estimated 1,160 MW to 1,400 MW.

‘We are ready to provide full support’

During the meeting, Prime Minister Kasymaliyev reaffirmed his government’s commitment to regional cooperation within the Organization of Turkic States. He emphasized that the “Turkic Century” vision aligns with Kyrgyzstan’s economic development and pledged full support for Orta Asya Investment Holding’s projects.

Expressing gratitude for Orta Asya Investment Holding’s confidence in Kyrgyzstan, he welcomed long-term investments across multiple sectors.

The Kyrgyz delegation also informed Kasymaliyev that international investment banks and funds recognize the country’s strategic location and potential as a regional energy hub.

Top global investment banks and industry-leading firms, including Hill International, BI Holding, Sem Arco, and energy giant Power China, are actively engaged in financing discussions. Orta Asya Investment Holding continues to expand partnerships across key industries, with further announcements expected in the near future.

Both power plant projects are structured under the build-operate-transfer (BOT) concession model. The parties unanimously agreed to uphold international investment standards and emphasized the need for government guarantees on energy purchases and payments, international arbitration provisions, and tax incentives.

To formalize the next steps, a protocol agreement was signed, covering all feasibility studies, financial models, and a detailed roadmap for project execution.