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RusHydro and Reykjavík Geothermal Agree to Cooperate in Geothermal Energy Projects

JSC RusHydro (ticker symbol: RTS, MICEX, LSE: HYDR; OTCQX: RSHYY) announces that it signed a cooperation agreement with Reykjavík Geothermal which defines the terms of cooperation in geothermal power projects.  

The parties are working together to set up a joint venture (JV) which will focus on the construction of geothermal power plants with total installed capacity of up to 200 MW. RusHydro will hold a controlling stake in the JV and act as an investor, and Reykjavík Geothermal will manage the projects.

RusHydro is also considering similar projects in Russia with total installed capacity of 100 MW or more and can create a 100% subsidiary for this purpose.

Deputy Chairman of the Management Board of RusHydro, George Rizhinashvili, commented: «We believe that there is great unharnessed potential for development of geothermal power in Russia and abroad and hope that cooperation with highly professional team of Reykjavik Geothermal in carrying out joint projects will be mutually favorable».

СЕО of Reykjavík Geothermal, Guðmundur Þóroddsson, commented: «We believe that the cooperation with RusHydro is going to speed up the development of the geothermal potential in the world and also open up for Reykjavik Geothermal the vast opportunities in Russian technology for use in geothermal projects».

Reykjavík Geothermal was founded in 2008. The management team's track record spans over 30 countries and includes spearheading the development of one of the world's largest geothermal power plant (Iceland's 700+ MW Hellisheiði Project). Reykjavík Geothermal is currently active in Africa, Russia, Oceania, and the Caribbean.

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.
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