«We have ended the disputes with the Russian side over the debt on the Upper Naryn cascade of HPPs,» Chairman of the Cabinet of Ministers of Kyrgyzstan Akylbek Japarov said.
According to him, an agreement has been reached on the transfer of $37 million within the dispute between RusHydro and the Ministry of Energy into domestic sovereign debt. This means that the Cabinet takes on the debts of power industry.
«We expect that we will fill this gap in the first or second quarters of 2022. Then the Upper Naryn cascade will be free and waiting for investors,» Akylbek Japarov said.
In 2018, RusHydro, a public joint-stock company, filed a lawsuit in The Hague to recover $37 million spent on the construction of the Upper Naryn HPPs cascade. The Russian company terminated the contract with the government of Kyrgyzstan. The Board of Directors approved the termination of RusHydro’s participation in Verkhnenarynskiye HPPs JSC by selling 2.5 million ordinary registered shares, or 50 percent of the authorized capital, in favor of Electric Stations OJSC at a price determined on the basis of the appraiser’s report.
