BISHKEK, Oct. 25
The Kambarata-2 project has already received $30 million of this amount, and the remaining $70 million will be allocated next year, Sultanov said. The Russian loan will be invested in
"Some of this money will be used to form the fund's charter capital of 600 million som - less than $15 million. The remaining amount will be transferred to the fund itself," Sultamov said.
The fund recently suspended its efforts to fund the project. It is now waiting for Electric Power Plants to fulfill earlier agreed conditions, including the construction of the Kambarata-2 facility, an additional issue of shares for purchase by the fund and a business plan that would guarantee the project's seven-year payback period. The company will also have to confirm the possibility of selling the entire amount of electricity to be generated by the power plant at cost effective prices and to draft programs intended to secure more money to put the facility's second and third units into operation.
The Kambarata-2 hydroelectric power plant, which is
Russia's Inter RAO UES (RTS: IRAO) and Kyrgyzstan's Electric Power Plants are establishing a joint venture to build the Kambarata- 1 hydroelectric power plant.