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Did Kyrgyzstan Get Sold a Hydropower Pup?

Barely a week passed after Kyrgyzstan triumphantly declared it had struck a deal with an international company willing to take up one of its ambitious hydropower projects for the agreement to begin looking highly suspect.

The first alarms were rung in the Czech Republic, where Liglass Trading, the obscure company that has committed to building and operating Akbulun HPP and Naryn HPP-1 in the Upper Naryn cascade, is based. Journalists there were apparently startled by news that a company they had never heard of had managed to land a contract for an undertaking that will involve investments running into the hundreds of millions of dollars.

The company's financial report for 2014, for example, shows Liglass Trading recording losses of around $53,000. That hardly seems like the track record of a company expected to handle a project that is by various estimates expected to cost between $400 million and $700 million to complete.

Reporters from one publication, Aktuálně, decided to check out the address where Liglass Trading is registered, and all they found was a crumbling factory with a leaky roof.

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Did Kyrgyzstan Get Sold a Hydropower Pup?

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