Construction of the HPP was commenced in 1985. In 1992 the construction was discontinued due to worsening of economic conditions in the country. At the moment of discontinuation, hydrosystem was completed up to 70%, construction of derivation tunnel and HPP building was not commenced (total progress of HPP construction was approximately 10%). The unfinished facilities were not properly preserved, and as a result they fell into disrepair. Complex of HPP facilities was privatized and sold to a private company, which could not arrange works on completion of the HPP.
Interest to the project re-emerged in the early 2000s due to growth of energy consumption in Kazakhstan. Decision on continuation of HPP construction was taken in 2005, and in the same year works on depreservation of the plant construction site were commenced. Completion of the HPP was planned for 2011 (initially - for the end of 2009, but it was postponed due to delays with financing)
- 2005 - plant depreservation;
- 2006—2008 - works on completion of Bestyubinsk hydrosystem (dam, water discharge facilities);
- end of 2009 - completion of filling works of dam of Bestyubinsk hydrosystem. 4,2 km of derivation tunnel was passed. Hydroturbines were ordered;
- August 2010 - passing of the derivation tunnel was almost completed, the majority of constructional works on HPP building was completed. Launching of the plant was planned for December 11, 2011;
- September 24, 2010 - passing of the derivation tunnel was completed;
- December 9, 2011 - the HPP was put into operation;
- Electric power, amounted to 503,98 mln kWh, was generated in 2012;