Results of the Board of Directors Meeting on April 2, 2018
April 5, 2018. Moscow, Russia. PJSC RusHydro (ticker symbol: MOEX, LSE: HYDR; OTCQX: RSHYY) announces that the Company's Board of Directors held a meeting in absentia on April 2, 2018.
The Board of Directors took note on the report on consolidated investment program for 2019 – 2023 and an update on investment program for 2018 as well as its sources of financing.
The draft investment program for 2018-2023 includes commissioning of more than 1.5GW of new electric capacity and over 1,000 GCal thermal capacity, construction and modernization of over 200 km of heat lines and close to 8,500 km of electric grids. Total size of the investment program including priority projects in the Far East is over RUB 443 bn. The Group’s investment program is sustainable with guaranteed sources of funding.
During the period of 2018 – 2023 RusHydro Group plans to commission the following facilities: first phase of Sakhalin GRES-2, third hydropower unit of Ust-Srednekanskaya HPP, Nizhne-Bureyskaya HPP, Zaramagskaya HPP-1, CHPP Vostochnaya, CHPP in Sovetskaya Gavan’, construction of first phase of two single-circuit 110 KW power lines Pevek-Bilibino and others.
The Board of Directors accepted proposal submitted by the shareholders of the Company on the list of candidates to the Board of Directors to be voted at 2018 AGM. The list includes the following candidates:
The Board of Directors included the following candidates to Audit Commission of the Company:
The Board of Directors approved the proposal on the agenda for the AGM on results of 2017 submitted by the Federal Agency for State Property Management, a Company shareholder holding 60.56% shares, representing the Russian Federation as shareholder. The Agenda contains the following items:
The agenda and date of the AGM will be approved at one of the upcoming Board of Directors meetings.
The Board of Directors approved termination of PJSC RusHydro’s participation in MGES of Dagestan and authorized its representatives in the Company’s Governance to liquidate MGES of Dagestan.
Liquidation of MGES of Dagestan is planned as it currently does not conduct business and operations. Amsarskaya, Shinazskaya and Arakulskaya HPPs with a combined installed capacity of 3.8 MW, formerly owned by MGES of Dagestan, were sold to PJSC RusHydro in 2013.
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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