Today on December 20, State Corporation ‘Bank for Development and Foreign Economic Affairs )Vnesheconombank)’ and the Federal Hydrogeneration Company (OJSC Hydro OGK) entered into a Memorandum on Cooperation in Carrying out Investment Projects.

The Memorandum was signed by Vnesheconombank Chairman Vladimir Dmitriev and OJSC Hydro OGK Management Board Chairman Vyacheslav Sinygin.

Under the Memorandum the two sides are determined to jointly participate in carrying investment projects aimed at ensuring the development of sustainable electric power production on the basis of renewable sources of energy.

Within their cooperation the two sides are considering the following projects:

• projects to build territorial energy-industrial clusters (a series of hydroelectric stations on the river Vitim, Southern Yakut hydro-energy complex, the Bureisk hydroelectric station, and the Nizhne-Bureisk hydroelectric station, the Nizne-Zeisk hydroelectric station, the Ust-Srendnekansk hydroelectric station, the Boguchan hydroelectric station, the Motyginsk hydroelectric station;
• projects to develop hydro accumulation power stations including the Zagorsk hydro accumulation power station-2, the Leningrad hydro accumulation power station;
• general system projects: the construction of the Evenk hydroelectric station, the Nizhne-Kureisk hydroelectric station.

Under the Memorandum Vnesheconombank intends to make financial examination of projects and participate in working out schemes for financing projects as well as act as an  arranger and /or co-arranger of their financing in accordance with the Bank’s business principles established by the Memorandum of the state corporation’s financial activity.

Regarding Vnesheconombank as its strategical partner OJSC Hydro OGK is determined to carry out projects (including working out project estimate documentation) in accordance with the Regulations of OJSC Hydro OGK’s investment activity giving high priority to meeting environmental standards.

In their desire to cooperate the two sides took into cons ideation that the said projects were of strategic importance for developing energy infrastructure of the Russian Federation and Vnesheconombank’s participations in them is in line with the state corporation’s financial policy in accordance with which the implementation of projects aimed at developing energy infrastructure is one of Vnesheconombank’s main lines of business.

Origin: Press Office of Vnesheconombank
Contact person: Svetlana Nikitina
Phone: +7 (495) 608-46-93, Fax: +7 (495) 975-21-34
E-mail: press@veb.ru