RusHydro and a consortium of JBIC and Mitsui sign cooperation agreement
September 2, 2016. Moscow, Russia. PJSC RusHydro (ticker symbol: MOEX, LSE: HYDR; OTCQX: RSHYY) signed a technological cooperation agreement with Mitsui and a memorandum of understanding with Japan Bank of International Cooperation (JBIC) at the Eastern Economic Forum in Vladivostok.
The technological cooperation agreement was signed by Nikolay Shulginov, Chairman of the Management Board – General Director of PJSC RusHydro, and Yoshio Kometani, Chief Operating Officer of Infrastructure Projects Business Unit, Mitsui.
The agreement is aimed at cooperation in development of RES projects in isolated areas of the Far East of Russia and geothermal projects in the Kamchatka region. The parties plan to consider the increase in installed capacity of RusHydro’s Mutnovskaya geothermal power plant from 50 to 120 MW as one of the pilot projects.
RusHydro and Mitsui also agreed to do feasibility studies for solar and wind power projects. Currently, PJSC RAO ES East, a subsidiary of RusHydro, is an operator of Group’s renewables fleet in isolated areas of the Far East of Russia. The company now envisages installation of 146 MW of RES capacity.
RusHydro also signed a memorandum of understanding with Mitsui and Japan Bank of International Cooperation (JBIC). The memorandum was signed by Nikolay Shulginov, Chairman of the Management Board – General Director of PJSC RusHydro, Yoshio Kometani, Chief Operating Officer of Infrastructure Projects Business Unit, Mitsui and Kazunori Ogawa, Director of Power and Water Finance Department at JBIC.
The document affirms Mitsui and JBIC’s intent to acquire 4.88% treasury shareholding in RusHydro, as well as plans to implement joint projects. The Japanese companies plan to carry out due diligence of RusHydro Group till the end of March of 2017 to determine the list of projects for joint implementation, including projects with the use of Japanese technologies, as well as sharing experience and ‘know how’.
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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