RusHydro did not notify Kyrgyzstan of its intention to sell its share of Upper Naryn cascade of HPPs

Bishkek, Oct. 30, 2018 / Kabar /. RusHydro has not officially notified the Kyrgyz side of its intention to sell a share of the Upper Naryn cascade of hydropower plants (HPPs), deputy general director of Electric Stations OJSC, member of the General Directorate Ulan Orozoyev told at a press conference at Kabar News Agency.

He said that RusHydro demands from the Kyrgyz authorities to return $ 37 million invested in the project.

“We offered to conduct an international audit. Only after that the Kyrgyz side will compensate. Today, RusHydro is against such an audit and refrains from conducting it and asked to simply compensate their costs and return the money invested, ”said Orozoyev.

He said that the lawsuit on the claim of the Russian side should be considered in the court of the city of The Hague. “The Russian side, as the holder of 50% of the shares, is entitled to hold its events. RusHydro yesterday announced its intention to sell the shares. We have not yet given a reaction and are studying this issue now, ”said Orozoyev.

The construction of the Upper Naryn cascade of hydropower plants has began in 2012 after an agreement between Kyrgyzstan and Russia, which was eventually terminated by the Kyrgyz Republic unilaterally in 2016.

One of the reasons for this decision on the part of Kyrgyzstan was the lack of decisions on financing projects.

RusHydro claims that it has already invested $ 37 million in the company.