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Kyrgyz company ready to build Upper Naryn HPP cascade

Domestic Kaganat Invest Limited Liability Company is ready to invest in construction of the Upper Naryn HPP cascade. Electric Stations OJSC confirmed the information to 24.kg news agency.

The company made a proposal for further construction of the cascade. But negotiations with the LLC have been temporarily suspended due to the need to resolve the issue with the Russian RusHydro PJSC to determine the further status of $ 37 million debt.

«Electric Stations OJSC is developing measures to legally resolve issues related to debt repayment and determining the further role of Upper Naryn CJSC,» the company commented on the situation.

In September 2012, during the official visit of Vladimir Putin to the Kyrgyz Republic, the parties signed an agreement. They decided to implement the joint project worth $ 410-425 million on parity terms. Upper Naryn CJSC was established for construction of the cascade, half of which belonged to RusHydro from the Russian side, the other half — to Electric Stations OJSC.

In 2016, the agreement was unilaterally terminated. By that time, RusHydro had invested $ 37 million of its own funds in the project.

All these years the parties have been trying to resolve the issue peacefully. However, the negotiations were unsuccessful. RusHydro has filed a lawsuit in the Hague to recover $ 37 million.

According to the database of the Ministry of Justice, Kaganat Invest LLC is engaged in wholesale non-specialized trade. The founders are Nurbek Osmonov and Apsatar uulu Aizhigit, the head is Nurbek Osmonov. The company was registered in February 2019. There is no data on the taxes paid by the company during this time.

Nurbek Osmonov is the founder of Ikhlas construction company. He is also the founder of the Kyrgyz Unaa Kurulush automobile plant, which was recently visited by the President Sooronbai Jeenbekov.