The European Union invests in the Rogun Hydroelectric Power Station

The European Union plans to invest in the tallest dam in the world to undermine Russia’s energy influence.

Photo: Internet

As reported by Reuters, the European Union plans to become the largest investor in the tallest dam in the world located in Tajikistan. The aim of the investment is to help Central Asia reduce its dependence on Russian energy resources, as well as to serve as one of the EU’s counter-projects to China’s Belt and Road Initiative.

A representative of the European Investment Bank told Reuters that the European Commission has approached the bank with a request to become the “largest investor” in the Rogun Hydroelectric Power Station project.

According to Tajikistan’s Minister of Energy Daler Jumai, the construction of the Rogun HPP will cost about $8 billion. Despite more than $3 billion already invested in the project through state funds and loans, the Tajik government has turned to the European Union for financial assistance to complete the project.

The representative of the European Investment Bank declined to comment on the potential investment amounts.

The Tajik government has also not disclosed any potential EU investments in the Rogun HPP.

It is likely that the EU will announce its final decision on this matter in the fourth quarter of the year.

The construction of the Rogun HPP began in 1976 during the Soviet era. After the collapse of the Soviet Union and the onset of civil war, the dam was washed away by a mudflow.

In 2016, the Tajik government resumed construction of the dam and began investing in the HPP project. Currently, two turbines of the Rogun HPP are operational and generating electricity. The height of the dam will reach 335 meters, making it the tallest dam in the world.

The main contractor for the Rogun HPP is the Italian construction company Webuild (WBD.MI). It is believed that the main partners of the Italian company are construction firms linked to the family of Tajik President Emomali Rahmon.

On November 16, 2009, the Tajik government initiated the issuance of shares for the Rogun HPP. As a result, shares worth about $1.37 billion were issued at the exchange rate in December 2009. Funds from the state budget were also allocated for construction.