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Czechs ready to invest $ 400 million in construction of Upper-Naryn cascade

The Czech company Liglass Trading CZ, SRO is ready to invest $ 400 million in the construction of the Upper-Naryn cascade. Such data is included in the plan for the implementation of the investment agreement on the company’s cooperation with the government of Kyrgyzstan.

It is noted that within 30 days after the signing of the agreement, $ 37 million will be paid to transfer 50 percent of the Russian side’s shares to Upper-Naryn HPP CJSC. The preliminary amount of investment in the first phase of construction is estimated at $ 230 million.

After the capsule is laid, a feasibility study at the construction site of the cascade will be updated. It is expected that this will take about three months. The construction itself, according to preliminary estimates, will take about four years.

After the comissioning of the first two HPPs of the Upper-Naryn cascade, an agreement is expected to be signed for the second stage of the construction — the construction of Naryn HPP-2 and Naryn HPP-3. The preliminary amount of investments is estimated at $ 270 million. In the second stage, the part of funds will be a loan. However, the State Committee for Industry, Energy and Subsoil Use assures that the loan will be preferential and non-interest bearing.

«A distinctive feature of this agreement is that there are no guarantees of the state here. It doesn’t require ratification, specific time frames for construction are provided, shares of the Kyrgyz side will not be put into trust. In addition, the investor is not exempted from paying taxes and fees in Kyrgyzstan, and all disputes will be resolved according to the legislation of Kyrgyzstan," the head of the National Energy Holding Aibek Kaliev commented on the signing of the document.