RusHydro to design a 3.8 GW hydropower project in India
JSC RusHydro (ticker symbol: MOEX, LSE: HYDR; OTCQX: RSHYY) announces that its subsidiary, RusHydro International AG in Consortium with RusHydro International India Private Limited, has signed a contract with NEEPCO (India) to design the second phase of Upper Siang hydropower project – one of the largest hydroelectric plants in Asia and the largest one in India. The facility will have installed capacity of 3,750 MW and is regarded by the Indian government as a high priority national project.
RusHydro International AG and RusHydro International India Private Limited, a Russian-Indian joint-venture, will design the project. The surveying and design will take up to 24 months. RusHydro also plans to participate in the tender for construction of the project. The total cost is estimated at USD 16 bn. The Indian side acts as investor in the project.
When completed, the plant will become second largest hydropower plant in Asia after Three Gorges Dam in China.
George Rizhinashvili, Deputy Chairman of the Management Board of RusHydro, commented: “The project is very important not only for RusHydro, but for all of Russia. This is an important step for the country in returning to the Asia-Pacific and strengthening position in the region. Our partner, NEEPCO, is one of the largest state-run economic player in the North-East of India, which gives RusHydro access to the region with the highest hydro potential in the country. We intend to take a leading position in India’s power engineering in broader sense of the term. We also believe that the project should pave the way for other Russian companies to this promising region”.
RusHydro International was incorporated in 2010 as part of implementation of RusHydro’s Strategic plan providing for development of international projects. RusHydro International is 100% owned by RusHydro and acts as operator of RusHydro’s international projects, including in South-East Asia.
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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