RusHydro signs a cooperation agreement with Power China at Russian-Chinese energy forum
November 29, 2018. Moscow, Russia. The management of PJSC RusHydro (ticker symbol: MOEX, LSE: HYDR; OTCQX: RSHYY) led by Nikolay Shulginov participated in the first Russian-Chinese energy forum in Beijing.
The forum was established in July 2018 following the decision of Russia’s president Vladimir Putin and China’s General Secretary Xi Jinping in order to extend cooperation between the two countries, foster investments and kick-off potential projects in the power sector.
In the course of the forum, Nikolay Shulginov, Chairman of the Management Board – General Director of RusHydro and Yan Zhiyong, Chairman of the Board of Directors and Chairman of Power Construction Corporation of China (Power China) signed a cooperation agreement. It provides for identification and analysis of potential projects in the hydropower industry of Russia. In the event of successful pre-project analysis, the parties will discuss possibility of further cooperation.
During the forum, thу management of RusHydro also had a working meeting with China Three Gorges Corporation. Nikolay Shulginov commented: “RusHydro’s goal lies in development of Russia’s hydropower industry. Currently, only mere 20% of country’s hydropower potential has been harnessed. We look forward to our Chinese colleagues’ expertise in construction and maintenance of hydropower and pumped storage plants and would like to share our own experience as well.”
In the course of his presentation, Nikolay Shulginov stressed that RusHydro is actively engaging with Asian investors. The company was the first among Russian corporates to issue dim-sum bonds in the amount of CNH 1.5 bn. To date, it is the largest public transaction denominated in renminbi among non-Asian public companies with demand almost 1.7x the necessary threshold volume issue. The share of Asian-based investors represented 82% of the final bid book.
The information in this press release may contain projections or other forward-looking statements regarding future events or the future financial performance of RusHydro. You can identify forward looking statements by terms such as the negative of such terms or other similar expressions. We wish to caution you that these statements are only predictions and that actual events or results may differ materially from these statements. We do not intend to update these statements to reflect events and circumstances occurring after the date hereof or to reflect the occurrence of unanticipated events. Many factors could cause the actual results to differ materially from those contained in our projections or forward-looking statements, including, among others, general economic conditions, our competitive environment, risks associated with operating in Russia, rapid technological and market change in our industries, as well as many other risks specifically related to RusHydro and its operations.
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