RusHydro announces that the Company's Board of Directors held a meeting in absentia on October 18, 2012.
The Board of Directors approved participation of RusHydro in newly established CJSC Verkhne-Narynskie HPPs in the Kyrgyz republic under terms stated in the agreement between the governments of Russia and Kyrgyzstan, signed in September 2012.
The share capital of CJSC Verkhne-Narynskie HPPs will amount to 5 mn Kyrgyz Soms (around USD 106.1 thousand) and will be divided into 5 mn common shares with par value of 1 Kyrgyz Som per share. Share ownership structure of CJSC Verkhne-Narynskie HPPs will be established as follows: RusHydro and JSC Electric power stations will own 50% of shares each. The share capital will be paid in cash.
The Cascade ofVerkhne-Narynskie HPPs will include four hydropower plants: Akbulunskaya HPP, Narynskaya HPP-1, Narynskaya HPP-2 and Narynskaya HPP-3. The total installed capacity of the hydropower plants will be 191 MW with average annual electricity generation of 1,055 GWh. The project cost is estimated at USD 410-425 mn (as of 2009). Construction of each plant will take 2.5-3 years on average (synchronous construction of all stations can take 4-5 years). The full project’s financing scheme and terms of RusHydro’s involvement in the project will be determined after feasibility study is complete. Electricity generated by hydropower plants can be supplied to mining companies, households or exported to neighboring counties. RusHydro and JSC Electric power stations will be the shareholders of CJSC Verkhne-Narynskie HPPs. The project will be coordinated by Ministry of Energy of the Russian Federation and Ministry of Energy and Industry of the Kyrgyz Republic.