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Kyrgyzstan and Russia to look for investor for Upper Naryn cascade together

Kyrgyzstan and Russia will jointly look for an investor for the Upper Naryn HPPs cascade. The First Deputy Prime Minister of the Kyrgyz Republic Kubatbek Boronov announced today at the meeting of SDPK parliamentary faction.

According to him, the parties came to such an agreement after negotiations with the Chairman of the Board of RusHydro, Nikolay Shulginov.

«We had a meeting with the head of RusHydro and decided to jointly look for an investor for this project,» said Kubatbek Boronov.

Recall, Board of Directors approved termination of RusHydro’s participation in Upper Naryn HPPs CJSC by selling 2.5 million of ordinary registered shares, or 50 percent of the authorized capital, in favor of Electric Stations at a price determined on the basis of an appraiser’s report. The decision was made at a meeting of the Board of Directors. In addition, it was previously reported that RusHydro filed a lawsuit with the arbitration court in The Hague, demanding to recover $ 37 million from Kyrgyzstan. The authorities of the republic still hope to resolve the dispute without litigation.