Tajik national power company’s debt growth rate increasing rapidly
Tajik national power company’s debt growth rate increasing rapidly
The rate of growth of the debt of Barqi Tojik power holding (a national integrated power company of Tajikistan) to Open Joint-Stock Company (OJSC) Sangtudinskaya GES-1, which operates the Sangtuda-1 hydroelectric power plant (HPP), has been increasing rapidly.
Thus, Barqi Tojik’s debt to Sangtudinskaya GES-1 rose 110 million somoni in a year to December 31, 2017, reaching 764.2 million somoni.
Meanwhile, over the first quarter of this year alone, Barqi Tojik’s debt to Sangtudinskaya GES-1 has risen 130 million somoni, and it now owes 894.2 million somoni to Sangtudinskaya GES-1.
The construction of the Sangtuda-1 hydropower plant located some 110 kilometers southeast of Dushanbe began in the late 1980s. By the early 1990s, only 20% of the construction work had been completed, and further construction was suspended due to a civil war that broke out in Tajikistan in the early 1990s. The talks between Russia and Tajikistan on completing the construction of the Sangtuda-1 HPP began in 2003 and in 2004 the parties signed an inter-governmental agreement.
Russian-Tajik OJSC Sangtudinskaya GES-1 was established to complete the construction of the Santuda-1 power plant. Russia’s Inter RAO YeES and the Ministry of Energy and Industries of Tajikistan signed an agreement on the establishment of the company in Dushanbe on February 16, 2005.
Russia owns 75% percent of the shares minus one share and Tajikistan assumes the 25% ownership interest plus one share in Sangtudinskaya GES-1.
The Sangtuda-1 HPP was officially commissioned on July 31, 2009. The plant now reportedly provides around 15% of Tajikistan’s electricity output.
The Sangtuda-1 HPP has reportedly generated more than 18.7 billion kWh of electricity since its first unit was introduced into operation on January 29, 2008.
According to the Sangtudinskaya GES-1’s website, a total cost of electricity generated by the Sangtuda-1 HPP is more than 2.444 billion somoni.
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