RusHydro, Government of Chukotka autonomous region and Japanese Mitsui и KOMAI sign Memorandum of Understanding
September 7, 2017. Moscow, Russia. PJSC RusHydro (ticker symbol: MOEX, LSE: HYDR; OTCQX: RSHYY), the Government of Chukotka Autonomous Region and Japanese companies Mitsui и KOMAI announced signing of a Memorandum of Understanding at the Eastern Economic Forum in Vladivostok.
The Memorandum was signed by Nikolay Shulginov, Chairman of the Management Board - General Director of RusHydro, Roman Kopin, Governor – Chairman of the Government of Chukotka Autonomous Region, Yoshio Kometani, member of the Management Board, COO of Infrastructure Business Unit of Mitsui and Susumo Tanaka, Chief Executive Officer of KOMAI.
The Memorandum is aimed at development of wind power projects in Chukotka Autonomous Region. In particular, the parties will consider construction of three new cold climate wind power units with aggregated installed capacity of up to 900 kWh in the township of Lavrentia. RusHydro, jointly with the Japanese partners and with support from the Government of Chukotka autonomous region will evaluate project costs and develop preliminary project timeline. Mitsui and KOMAI will be responsible for the technical solutions. The Government of Chukotka Autonomous Region will consider setting tariffs providing for return of investment.
Currently RusHydro Group is implementing a program aimed at development of RES in isolated zones of the Far East. RusHydro is successfully operating hybrid wind-diesel systems in townships of Nikolskoye (Kamchatsky Krai) and Novikovo (Sakhalin oblast), wind power plants in the Township of Ust’-Kamchatsk (Kamchatsky Krai) and in the town of Labytnangi (Yamalo-Nenets Autonomous District).
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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