Turkish İhlas Holding Reveals Details of $6.265 Billion Hydroelectric Dam Agreements in Kyrgyzstan

Turkish holding İhlas Holding published details on the Istanbul stock exchange of two investment agreements with Kyrgyzstan for the construction of the Kazarman and Kokomeren cascade hydroelectric power stations with a preliminary cost of $6.265 billion.

The agreements, concluded in August 2024 with affiliated structure Orta Asya Investment Holding, provide for the construction of six hydroelectric power stations with a combined capacity of 2,217 MW. Construction of each cascade is designed for six years after approval of the feasibility study.

Under the terms of the agreements, the National Energy Sales Company (NESC) is obligated to guarantee purchases of generated electricity from the Kokomeren cascade. If NESC fails to fulfill its obligations, the investor has the right to use state guarantees or obtain the right to export energy.

Both projects received the status of national investment projects in Kyrgyzstan. The investor benefits from a five-year exemption from certain taxes and payments, as well as state protection of property rights, including technological infrastructure and software, from expropriation.

The term of the agreements is 20 years after the launch of the last station in each respective cascade. The investor is also obliged to transfer 1% of generated electricity to local authorities free of charge and participate in social projects.

On June 25, 2025, President Sadyr Japarov personally attended the cornerstone-laying ceremony for the construction of the Kazarman cascade in the Toguz-Toro district of Jalal-Abad region. Stock exchange disclosure from August 17, 2025 confirmed the previous parameters: six hydroelectric power stations with capacity of 2,217 MW and a preliminary investment volume of $6.265 billion.