By  Trend

Shareholders of Electric Stations JSC have approved the investment agreement with the Czech company Liglass Traiding CZ, SRO for the construction of the Verkhne-Narynsky hydroelectric power plants (HPPs) and small hydropower plants in Kyrgyzstan, according to the company’s website.

This was done during Electric Stations JSC shareholders emergency meeting on August 4, Kabar news agency reported.

The agreement also envisages the attraction of financing for the construction of the Akbulun HPP and Naryn HPP-1 in the amount of about $230 million.

In case of investor’s failure to fulfill taken obligations, this investment agreement would be terminated, and all of the funds invested in the authorized capital of Verkhne-Narynskye HPPs CJSC will not refunded.

The project of construction of small hydropower plants in Kyrgyzstan is implemented by the Kyrgyz government and Liglass Traiding CZ, SRO following a tender conducted in accordance with the decree of the Government of May 15, 2017.