RusHydro International completed feasibility studies for reconstruction of HPPs in Nigeria
JSC RusHydro (ticker symbol: MOEX, LSE: HYDR; OTCQX: RSHYY) announces that its subsidiary, RusHydro International AG, has completed feasibility studies for reconstruction of Kainji and Jebba HPPs in Nigeria (with total installed capacity of 1.3 GW) under agreement with Mainstream Energy Solutions Ltd.
RusHydro and Mainstream Energy started to cooperate in 2013 by signing 5-year agreement between RusHydro International AG and Mainstream Energy Solutions Ltd for engineering services in regards to modernization of Kainji and Jebba hydropower plants in Nigeria. RusHydro will not provide any financing for the project. The engineering services include development of project documentation, organization of tenders for delivery of the equipment as well as for installation and construction works, and also consulting on issues related to the plants operation. RusHydro International AG implements the project in partnership with Institute Hydroproject, Pöyry and Mott MacDonald.
Kainji and Jebba hydropower plants are located on the Niger river, and have installed capacity of 750 MW and 578 MW, respectively. Currently available capacity of the plants is substantially below their installed capacity. The concession conditions provide for modernization of the power plants and increase of their available capacity.
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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