RusHydro and Voith Hydro signed an agreement on a joint venture
March 14 2013 - 11:16AM
OTC Markets
RusHydro and Voith Hydro signed an agreement on a
joint venture
JSC RusHydro announces that it has signed an agreement
with Voith Hydro on creation of a joint venture (JV) “VolgaHydro”
LLC, aimed at manufacturing of hydroturbine equipment. The JV will
be located in Balakovo city of Saratovskiy region, the construction
works are expected to start in 2013. The document was signed by
Evgeny Dod, Chairman of the Management Board of RusHydro, and
Leopold Heninger, Chairman of Voith Hydro.
RusHydro will hold a controlling stake in JV. Voith
Hydro will be responsible for operational management, and RusHydro
will appoint the financial officer of JV. The companies will make
the decisions on all important issues together. RusHydro’s share in
the share capital will be 50% plus RUR 1 share, the share of Voith
Hydro will be 50% minus RUR 1. The share capital will be equally
paid by the companies (EUR 100 thousand at the exchange rate of the
Central Bank of Russia). The economic efficiency of the JV will be
achieved through manufacturing of the equipment for RusHydro and
other companies in Russia and abroad, including cooperation under
service agreements.
The JV should become a center for innovations,
contributing to the development of science and machinery
engineering, and resulting in safety of electricity generation,
efficiency improvement of equipment manufacturing and environmental
protection.
The agreement is a part of cooperation of one of the
largest hydrogenerating companies in the world and the world leader
in power equipment manufacturing. RusHydro and Voith Hydro already
implemented the joint project at the Uglichskaya HPP and continue
their cooperation at other plants, including Miatlinskaya plant in
Dagestan.
Voith Hydro GmbH & Co.KG Company is a supplier of
eco-friendly hydropower equipment and a world leader in designing
and constructing hydropower plants. The Company offers integrated
solutions for the turn-key installation of hydro-mechanical,
turbine and generator equipment, auxiliary mechanical and electric
systems, control systems, modernization and re-equipment services
and providing the in-house manufacture of the main types of HPP
equipment. Voith Hydro Company designs hydro-power turbines that
completely eliminate machine oil ingress to water.
About
RusHydro:
RusHydro Group is one of Russia’s
largest generating companies. RusHydro is the leading producer of
renewable energy in Russia with over 70 generating facilities in
Russia and abroad. The company also manages a number of R&D,
engineering and electricity retail companies. Group’s thermal
assets are operated by subsidiary – RAO Energy System of East in
the Far East of Russia. Total electricity generation capacity of
the Group is 36.5 GW, heat capacity – 16.2 thousand
GCal/h.
Russian Federation owns 65.9% in
RusHydro, the rest is held by other institutional and individual
shareholders (over 360,000). The company’s stock is traded on the
MICEX and RTS stock exchanges, and included in MSCI EM и MSCI
Russia indexes. Company’s GDRs in the IOB section of LSE, ADRs – in
OTCQX.
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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