Results of the Board of Directors on February 1, 2013
February 04 2013 - 5:50AM
OTC Markets
Results of
the Board of Directors on February 1,
2013
JSC RusHydro announces that the
Company's Board of Directors held a meeting in absentia on February
1, 2013.
***
The Board of Directors took a note of
the results of execution of the Board of Directors’ instructions.
Management of the Company reported the results of execution of the
Board of Directors’ instructions of November 23, 2012 and December
10, 2012 related to the construction of power plants in the Far
East, indicated in the President’s decree of November 22,
2012:
·
Heat and power plant in Sovetskaya
Gavan’;
·
Yakutskaya power plant No.2 (1st
stage);
·
Sakhalinskaya power plant No.2 (1st
stage);
·
Blagoveschenskaya power plant No.2 (2nd
stage).
Management of the Company reported the
financing procedure of power projects in the Far East and control
the proper use of funds. The procedure provides for development and
approval of the plants’ construction schedules in accordance with
the requirements to documents of the state owned
companies.
The projects are implemented in terms
of RusHydro’s strategy of energy development in the Far East. The
strategy involves the replacement of economically inefficient
capacities with the efficient generation achieved through
integration of hydro and heat power plants into the unified
governance structure; signing direct contracts with consumers for
the effective capacity as well as for the plants under
construction; possible electricity export and implementation of the
investment projects through a public-private partnership and
project financing facilities. On December 22, 2012, the Company
received the funds in the amount of RUR 50 bn from the federal
budget to finance the implementation of the four projects in the
Far East mentioned above.
***
The Board of Directors abolished the
old procedure of selection of appraisers to determine the price of
shares, property and other corporate assets of RusHydro approved on
November 16, 2010. The Board of Directors defined that the
appraisers are selected in compliance with the legislation of the
Russian Federation and Regulations on the procurement for
RusHydro’s needs.
The Regulations on the procurement were
approved on December 5, 2011 and determine the procedure of the
appraisers selection. The abolishment of the procedure is aimed to
avoid the contradictions with the effective Regulations on the
procurement.
***
The Board of Directors instructed the
representatives of RusHydro in the management bodies of JSC Small
HPP of Dagestan to approve the sale and purchase agreement on the
Amsarskaya, Arakulskaya and Shinzanskaya small HPPs with total
installed capacity of 3.8 MW, qualified as a major
transaction.
JSC Small HPP of Dagestan (a 100%
subsidiary of RusHydro) is the seller and RusHydro is a purchaser
of the assets. The agreement is aimed at optimization of costs and
operation of small power plants; and conditioning of the three
small HPPs.
In 2006, RusHydro initiated a Program
of development of small hydropower plants. The Program provided for
implementation of the cost efficient projects in terms of
construction of small HPPs, with installed unit capacity up to 25
MW. In 2007, the Novaya Energia Fund for development of the
renewable power sources was established to act as the Program
operator. RusHydro was one of the Fund's founders. However, after
reducing RusHydro’s Investment Program in terms of the small
hydropower plants development Program, in the 4th quarter of 2008
it was decided to suspend the construction of small HPPs
implemented by the Novaya Energia Fund and to capitalize financial
investments of RusHydro in the Novaya Energia Fund. In 2010, the
Board of Directors approved participation of RusHydro in JSC Small
HPP of Dagestan through acquisition of 100% of the company’s shares
from the Novaya Energia Fund. Based on the results of examination
of the current condition of assets and performance of the Novaya
Energia Fund, the Amsarskaya, Arakulskaya and Shinazskaya SHPPs
were considered to be prospective for further
implementation.
For more information:
JSC RusHydro, Investor Relations
Department
Tel. +7 (495)
225-3232
ext. 1319, 1394, 1607
ir@rushydro.ru
DISCLAIMER
The information in this press release may contain
projections or other forward-looking statements regarding future
events or the future financial performance of RusHydro. One 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 and rapid technological
and market changes in our industries, as well as many other risks
specifically related to RusHydro and its
operations.
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