Verkhne-Naryn cascade HPP: another chance for RusHydro?
Despite the financial disagreements that have been going on since 2016-2018, RusHydro’s work with the Kyrgyz Republic has not been suspended. This was announced today by Sergey Machekhin, Deputy General Director for Project Engineering and International Cooperation of RusHydro, at the 9th International Congress and Exhibition “Hydropower Central Asia and the Caspian 2025”, commenting on the construction of the Verkhne-Naryn HPP cascade.
“I do not know the details, but I know for sure that the parties held talks last week, but I do not know the results,” he informed, adding that he was ready to clarify the details and report on his return home.
He also explained that this is not a critical factor in order not to continue joint cooperation. It [the Upper Naryn cascade HPP project] is not an obstacle to bilateral cooperation.
“We are ready to continue working within the framework of the Upper Naryn cascade in any format of cooperation. This may be someone’s investment project, or a state task,” commented a representative of RusHydro.
In turn, the Minister of Energy of Kyrgyzstan Taalaibek Ibraev, speaking at the same forum in Bishkek, said that the construction of the Upper Naryn cascade of the HPP could begin in the near future.
According to him, Kyrgyzstan and Russia have reached an agreement on the project.
“We have an agreement on the Upper Naryn cascade. I hope there will be progress literally in late April — early May, and we will start construction soon,” the minister said.
Ibrayev noted that negotiations with Russian partners are continuing. Russian Deputy Prime Minister Alexei Averchuk recently visited Kyrgyzstan, and energy projects were discussed during the visit.
It should be recalled that in July 2022, an arbitration decision was made in Hong Kong in proceedings on the claim of Public Joint Stock Company (PJSC) RusHydro against Kyrgyzstan regarding the construction project of the Verkhnenarynsky cascade of hydroelectric power plants (“VNK HPP”). It was recognized that Kyrgyzstan is obliged to compensate the funds invested by PJSC RusHydro in the construction project of the Verkhnenarynsky cascade of HPPs through loans issued to the joint venture CJSC Verkhnenarynsky Hydroelectric Power Plants.
