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Contract for 2nd phase of modernization of Toktogul HPP signed

The day before, Electric Stations signed a contract with GE Hydro (France) and GE Renewable (Switzerland) for the second phase of Toktogul HPP modernization project. Press service of the company reported.

According to it, the project will be financed by the Asian Development Bank (ADB) and the Eurasian Development Bank (EDB). It is planned to replace four units of the station, which have operated for 43 years. GE has committed to commissioning the first unit by November 2020. The project will be completed by November 2023.

The General Director of Electric Stations JSC Uzak Kydyrbaev noted that work on the coordination of projects and technical equipment would be carried out until 2020. And only then the gradual assembly of the units will begin.

The Toktogul HPP modernization project includes three phases. Within the first, which has already begun, two transformers, cable lines and switching equipment have been replaced. The phase will end in 2018.

The first and second phases of the project are financed by ADB and EDB. $ 210 million were allocated for the 1st phase, $ 310 million — for the second. Half of ADB means is a grant, the second — is a loan. EDB provided money only as a credit. The loan is preferential — at 1 percent for the first 8 years, the next 24 years — at 1.5 percent per annum.

"We signed a contract with contractors for $ 104 million, although $ 224 million was allocated for work. The remaining money we will offer to invest in the modernization of Uch-Kurgan HPP. We are negotiating with ADB in order the saved money can be sent there. Feasibility study is necessary for approval of the project,"Uzak Kydyrbaev summed up.