RusHydro and Voith Hydro consider optimization of modernization cost of Saratovskaya hydropower plant
PJSC RusHydro (ticker symbol: MOEX, LSE: HYDR; OTCQX: RSHYY) and Voith Hydro approved the preliminary terms of cost optimization of Saratovskaya HPP modernization project at the meeting between Nikolay Shulginov, Chairman of the Management Board of RusHydro, and Leopold Heninger, CEO of Voith Hydro. The optimization provides for a decrease of up to RUB 7 bn of the modernization contract.
In accordance with the agreement signed in 2011, Voith Hydro is a supplier of the main generating equipment for the Saratovskaya HPP. The comprehensive modernization of the plant provides for replacement of 21 turbines and hydro unit No. 24. The new equipment will increase the plant’s installed capacity by 10%. The first three modernized hydro units of the Saratovskaya HPP were commissioned in 2015.
The Saratovskaya HPP modernization project provides for manufacturing of the part of equipment in Russia at the joint venture of RusHydro and Voith Hydro – VolgaHydro LLC. Voith Hydro confirms its commitment to cooperate on hydropower development in Russia and plans to start the construction of a factory that should be launched in the end of 2017.
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.
Shares / ADR