Recently, a meeting took place in Moscow, attended by Sergey Tsivilev, Daniyar Amangeldiev, and the Minister of Energy, Talaybek Ibraev. Representatives of PJSC "RusHydro" were also present at the event, and among the participants was the former head of the board of OJSC "TNK 'Dastan'" Alexey Shirshov.
For reference, in 2012, Kyrgyzstan and Russia signed an agreement for the construction and operation of the Upper Naryn Cascade of Hydroelectric Power Stations, which includes four HPPs. Work continued until 2015; however, it is claimed that the economic crisis in Russia hindered investors from fulfilling the financing conditions of the project, leading to the halt of construction. In January 2016, at the initiative of the President of Kyrgyzstan, Almazbek Atambayev, the republic terminated the agreement with the Russians, remaining indebted to them $37 million—the amount invested by Russia in the project before its cessation.
In June 2017, Atambayev announced the emergence of a new investor willing to engage in the energy project. On July 10, during the signing of the investment agreement, the company that took on the obligations for the construction of the cascade and small HPPs was named—the Czech firm Liglass Trading CZ s. r. o.
However, after the signing of the agreement, a scandal arose involving the presidents of the Czech Republic and Kyrgyzstan and their administrations. Kyrgyzstan claimed that the Czech company was delaying the payment of $37 million to "RusHydro."
In September 2017, Deputy Prime Minister Duyshenbek Zilaliev announced the termination of the contract with Liglass Trading, noting that the guarantees amounting to $1 million 147 thousand, transferred to this company, would remain with the Kyrgyz side.
In 2018, PJSC "RusHydro" filed a lawsuit in The Hague to recover the $37 million spent on the construction of the cascade. The court granted part of the plaintiff's claims, recognizing that the Kyrgyz Republic must compensate the funds invested in the project through loans issued to the joint venture JSC "Upper Naryn Hydroelectric Power Stations."
In 2022, while serving as Chairman of the Cabinet of Ministers, Akylbek Japarov announced the conclusion of disputes regarding the Upper Naryn Cascade of HPPs, and an agreement was reached to convert the $37 million within the dispute between "RusHydro" and the Ministry of Energy into a loan; however, in fact, Kyrgyzstan did not make the payment.
