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Cabinet of Ministers tells how RusHydro will get its $ 37 million

Government of Kyrgyzstan told how RusHydro would get its $ 37 million. The Prime Minister Mukhammedkaly Abylgaziev told about it today at a meeting of the majority coalition of the Parliament.

According to him, negotiations were held with RusHydro on the Upper Naryn cascade of hydropower plants.

«Due to the fact that the contract was terminated, the Russian company filed a lawsuit to international arbitration. We decided to look for investors together. The issue of return of $ 37 million spent by RusHydro will be decided after new investors come,» said the Prime Minister.

Recall, the Board of Directors approved termination of RusHydro’s participation in Upper Naryn HPPs CJSC by selling 2.5 million ordinary registered shares, or 50 percent of the share 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, earlier it was reported that RusHydro company filed a lawsuit to 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.