RusHydro Signs Memorandum of Understanding with ENERGIA ARGENTINA S. A.
JSC RusHydro (ticker symbol: RTS, MICEX, LSE: HYDR; OTCQX: RSHYY) announces that it has signed a Memorandum of Understanding with Energia Argentina S. A. (ENARSA). Evgeny Dod, Chairman of the Management Board of RusHydro, and E.O. Espinosa, President of ENARSA, signed the document.
In accordance with the Memorandum the parties will seek opportunities for implementation of joint projects in hydropower and alternative renewable sources, cooperate in expertise exchange in energy efficiency, design, construction, maintenance and modernization of hydropower facilities.
One of the directions of cooperation will be development of joint projects in renewable energy sources, including tidal energy. In the near-term, the companies will consider the possibility of participating in joint projects on development, design and construction of hydropower plants in Argentina. In addition, the parties agreed to work out opportunities for cross-border electricity sales with neighboring countries.
To implement initiatives outlined in the Memorandum and to coordinate actions, the companies plan to form a joint coordination committee.
Argentina S. A. (ENARSA) was established in 2004 as a state-owned entity. The
company is engaged in production and distribution of electricity generated by
renewable and alternative energy sources
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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