Kyrgyzstan Hydropower: Six Plants and $6.265 Billion Projects of Turkish Investor İhlas

Turkish holding İhlas Holding has disclosed the terms of two investment agreements for the Kazarman and Kokomeren hydropower cascades in Kyrgyzstan, with a preliminary cost of $6.265 billion. The agreements were signed in August 2025 with Orta Asya Investment Holding, an affiliate of İhlas Holding, and cover six power plants with a combined capacity of 2,217 MW.

The National Electric Network of Kyrgyzstan (NESK) is to buy the plants' electricity for 20 years, with a state guarantee for the Kazarman cascade and a guaranteed purchase for Kokomeren. The investor will receive five-year exemptions from income tax, import VAT and customs duties. Disputes would be heard at the Singapore International Arbitration Centre (SIAC). The final cost will be set after feasibility and technical work is completed.

On 25 June 2026, President Sadyr Japarov attended a cornerstone-laying ceremony for the Kazarman cascade in Toguz-Toro district, Jalal-Abad region. A 17 August 2026 disclosure confirmed the project parameters and an increase in the charter capital of Orta Asya Investment Holding from 100,000 to 585 million soms.