RusHydro and Sberbank signed an agreement
March 27 2013 - 4:54AM
OTC Markets
RusHydro
and Sberbank sign agreement on development of projects in the Far
East
March 27, 2013. Moscow, Russia.
JSC RusHydro (ticker symbol: MICEX-RTS, LSE: HYDR;
OTCQX: RSHYY) announces that it has signed an agreement with
Sberbank on banking services related to the construction of power
facilities in the Far East.
The document is aimed at ensuring maximum transparency
of budget funds’ spend in the total amount of RUR 50 bn earmarked
for the construction of four thermal power projects in the Far
East: heat and power plant in Sovetskaya Gavan’, the Sakhalinskaya
power plant No.2 (the 1st stage), the Yakutskaya power
plant No.2 (the 1st stage) and the Blagoveschenskaya
power plant No.2 (the 2nd stage).
In accordance with the agreement, Sberbank will
provide a whole range of banking services related to the
construction of power facilities in the Far East. The bank will
open a separate bank account for each participant of the
construction process, which will be used to make payments for the
completed construction and installation works.
The Bank will hire an independent engineering company
to conduct the price and technology audit and analyze the technical
solutions applied at each construction project.
In order to inform the government, the Ministry of
Energy and the Ministry of Economic Development on the projects’
progress, the parties will prepare monthly reports.
Evgeny Dod, Chairman of RusHydro’s Management Board,
commented: “The agreement with Sberbank is an important tool
allowing the government to assess and analyze the progress of
project implementation on a regular basis; ensure the efficiency of
the investments and control the proper use of funds. We also plan
to create the internal corporate body to control the implementation
of our projects in the Far East in addition to the existing
monitoring system of RusHydro. All these measures will provide
maximum transparency and full control of the government and other
stakeholders while implementing strategically important
infrastructure projects.”
“Sberbank of Russia already has an extensive
experience of providing banking services for major investment
projects. This is a pilot project of complex banking services
providing for improvement of investment project efficiency with
engineering company involvement”, said Bella Zlatkis, Deputy
Chairman of the Management Board of Sberbank of Russia.
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.
RusHydro’s official website is
http://www.eng.rushydro.ru.
About Sberbank:
Sberbank of Russia is the largest bank in Russia and
CIS. The founder and principal shareholder is the Central Bank of
Russia, which owns 50% of the Bank's authorized capital plus 1
voting share. The rest of the shares are held by international and
domestic investors. More than 100 million individual customers bank
with Sberbank and about 1 million of businesses. The Bank has the
largest distribution network in Russia with more than 18,000
offices as well as subsidiaries in 20 countries including the CIS,
Central and Eastern Europe and Turkey.
The Bank holds the general banking
license No.1481 issued by the Bank of Russia.
Sberbank's official website is
www.sberbank.ru.
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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