JSC RusHydro announces that it has examined the Company’s 2010 investment program
The Management Board of JSC RusHydro (ticker symbol: HYDR; MICEX, RTS and LSE) has examined the Company’s 2010 investment program — in the sum of 98.9 billion rubles, calling for the introduction of 1,124 MW of capacity. This new capacity will include: 1,000 MW from the first three hydro-units at the Boguchanskaya HPP, 65 MW from the Kashhatau HPP, 42 MW from the technical re-habilitation and modernization program and 17 MW from reneweable energy sources projects. In addition, the Company plans to bring into operation 2,560 MW at the Sayano-Shushenskaya HPP through the reconstruction of hydro-units no. 5, 6, 4 and 3 (the units are listed in the priority order for introducing them). The Company’s investment program is ultimately subject to the agreement of relevant ministries and departments, including refining financing sources and the total volume of financing. The program also requires final approval by RusHydro’s Board of Directors.
Within the process of preparing the Company’s investment program, RusHydro focused on the following priority areas: ensuring the safe and accident-free operation of the Company’s existing sites, financing measures to address consequences of the Sayano-Shushenskaya HPP accident and to restore the site and introducing the first stage of the Sayano-Shushenskaya HPP shore spillway in 2010 prior to the start of the spring flood season, as well as launching stage one of the Boguchanskaya HPP.
Based on RusHydro’s 2010 investment program, the Company plans to invest 12.3 billion rubles in its technical re-habilitation and mosrnization program. RusHydro also plans to invest 16.1 billion rubles to re-build the Sayano-Shushenskaya HPP and an additional 3.5 billion rubles is targeted for the construction of the shore spillway at the Sayano-Shushenskaya HPP. The Company also plans to devote 28.8 billion rubles to constructing the Boguchanskaya HPP (this is based on a 50-50 financing split with UC RUSAL).
Furthermore, RusHydro’s management approved a corrected version of the Company’s 2009 investment program — calling for a total investment program of 60.1 billion rubles and the introduction of 71 MW of installed capacity. Of this installed capacity, 21 MW will come from implementing the technical re-equipment and reconstruction program, 35 MW will be introduced at the Bureiskaya HPP and an additional 15 MW will be brought on-line at the Head Zaramagskaya HPP.
In full accordance with the Company’s 2009 investment program, RusHydro plans to invest 9.1 billion rubles in technical re-habilitation and modernization projects. The Company plans to spend 5.1 billion rubles on reconstruction activities at the Sayano-Shushenskaya HPP (the site of the accident on August 17th, 2009) and an additional 2.8 billion rubles will be invested in building the Sayano-Shushenskaya shore spillway. The Company also plans to invest 12.8 billion rubles constructing the Boguchanskaya HPP.
RusHydro’s 2009 investment program totaled 64.9 billion rubles. The Company’s Board of Directors approved the investment program, which provided for the introduction of an additional 74 MW of installed capacity, on May 18th, 2009.
During H1 2009, the actual volume of financed investment (from the Company’s 2009 investment program) totaled 19.1 billion rubles (this figure represents a 98% fulfillment rate).
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