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RusHydro, PowerChina discuss $1.7 billion joint renewable energy project

September 12, 2014, 10:32 UTC+3 MOSCOW
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MOSCOW, September 12. /ITAR-TASS/. Top Russian hydropower company RusHydro and PowerChina are discussing over 30 joint renewable energy projects with combined investments of around 65 billion rubles ($1.7 billion) by 2020, RusHydro’s Deputy CEO George Rizhinashvili told Bloomberg late Thursday.

To implement these projects, in particular the construction of small hydropower plants, the company could create a clean-energy fund with Power Construction Corporation of China this year and sell part of its shares in an initial public offering (IPO) or private placement.

“In the event that we go ahead with a long-term project with our Asian partners, part of the venture investing in building capacity could be sold in an initial public offering or private placement,” Rizhinashvili said. “It will allow us to recoup investment in the early phase of the project.”

In May, RusHydro and PowerChina signed an agreement on strategic cooperation, under which the Chinese company could assist RusHydro in developing small hydropower sector.

The partnership with PowerChina, which may grow to include projects outside Russia, would comprise investment, construction and loans, according to Rizhinashvili. The fund may borrow in yuan depending on the equipment that China may provide, he said.

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