05.12.2011
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Results of the Board of Directors Meeting

JSC RusHydro (ticker symbol: RTS, MICEX, LSE: HYDR; OTCQX: RSHYY) announces the results of the Board of Directors meeting held on November 30, 2011.

 

The Board of Directors approved agreements between non-profit organization Hydropower of Russia, qualified as interested-party transactions. The agreements are related to research and development in technical regulation, including the development of standards of organization.

 

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The Board of Directors approved the transactions of gratuitous transfer of property. RusHydro will transfer a beach area near Bureyskaya hydropowerplant and a bridge near Baksanskaya hydropower plant to local administrations.

 

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The Board of Directors approved additional agreements between RusHydro and InterRAO UES as transaction qualified as interested-party transaction, which set a formula for calculation of electricity price supplied by RusHydro to InterRAO from Zeyskaya and Bureyskaya hydropower plants. The new formula for December of 2011 was needed in view of surging price of electricity transmission for InterRAO.

 

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The Board of Directors approved additional agreements between RusHydro and local office of Russian property agency in Irkutsk, and between Irkutskenergo and RusHydro, according to which RusHydro transfers the land for the dams (the property of RusHydro) to sub-lease to Irkutskenergo.

 

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The Board of Directors approved the acquisition by its subsidiary - JSC Geotherm - of a stake in JSC Verkhne-Mutnovskaya GeoPP. The shares will be purchased from a minority shareholder. As a result Geotherm will increase its share in JSC Verkhne-Mutnovskaya GeoPP from 47.77 to 51.96%.

 

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The Board of Directors approved the raising of debt from UniCredit with the guarantee from export lending agency Oesterreichische Kontrollbank AG. The proceeds will be used to finance the modernization of hydraulic turbines of Saratovskaya hydropower plant by Voith Hydro.

 

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The Board of Directors approved a new procurement policy. The new policy takes into account the latest changes in the Russian legislation and seek to increase the transparency of procurement process, and more effective control and oversight over procurement.

 

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The Board of Directors approved the KPI execution report for 3rd quarter of 2011.

 

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The Board of Directors approved the candidacy of the member of the Management Board as a manager responsible for oversight of new insider legislation in the Company.

 





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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