RusHydro Group and Alstom Signed Shareholders Agreement
JSC RusHydro (ticker symbol: RTS, MICEX, LSE: HYDR; OTCQX: RSHYY) announces that as part of Russian Prime Minister Vladimir Putin's visit to France RusHydro Group and Alstom concluded a Shareholders Agreement to establish a joint venture (JV) to produce hydropower and auxiliary equipment in Russia. The document contains the main provisions of the JV. The JV was established in a strategic co-operation agreement that was signed by the parties December 9th, 2010 in Moscow during a visit of French Prime Minister Francois Fillon to Russia.
Plant construction is a pilot project for RusHydro in Russia. The plant will specialize in manufacturing hydropower equipment for smaller hydropower plants with a capacity of 25 to 100 MW and pumped storage plants of up to 150 MW, as well as equipment for automatic process control systems and integrated security systems. According to a preliminary assessment, the first hydropower equipment will be produced at the plant in 2013, whereas the manufacture of automatic process control systems will start by the end of 2011.
Alstom is a world leader in power generation and transmission and is a global leader in developing innovative and eco-friendly technologies. Alstom provides for integrated decisions for the "turn-key" construction of power plants and the accompanying maintenance of various energy sources, including: hydropower engineering, nuclear power engineering, gas, coal and wind. The Company offers a wide range of power transmission decisions with focus on "smart grid" technologies.
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 "expect," "believe," "anticipate," "estimate," "intend," "will," "could," "may" or "might," 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.