According to him, there are currently enough investors ready to start the project, but existing obligations from previous contracts hinder this.
“You remember the $37 million that became a burden for us. We are currently paying for samsa that we did not eat. The company 'RusHydro' won the case in the international court, and taking into account the fines, the debt amount has increased to $51 million. Disputes are ongoing, and we insist that we will not pay. Nothing has been built on site — only containers are standing. Nevertheless, the debt continues to hang over us. Until this issue is resolved, the construction of the hydropower plant will not begin,” Japarov noted.
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Upper Naryn Cascade. "RusHydro" has filed a lawsuit to recover $37 million
The President added that negotiations are ongoing, and the authorities hope to pay the specified amount by 2026, after which it is planned to resume the project with another company.
Japarov also emphasized that the contract was still in effect at the time of its unilateral termination, which obliges Kyrgyzstan to pay the specified amount.
Recall that the agreement for the construction of the Upper Naryn Cascade of Hydropower Plants involving "RusHydro" was signed in 2012. The project envisaged the creation of the Naryn Hydropower Plant, but it was not actually implemented. In 2016, the Kyrgyz side unilaterally denounced the agreement.
As a result, an international arbitration dispute arose, in which "RusHydro" demanded compensation for incurred expenses. Initially, the claim amount was about $37 million, but taking into account fines and interest, it has increased to $51 million.
