OREANDA-NEWS. January 14, 2008. JSC INTER RAO UES and Power Machines have entered into an agreement on strategic partnership and cooperation, the press service of Inter RAO informed. The document signed by heads of the companies Evgeniy Dod and Igor Kostin pertains to development of possibilities for joint participation of the companies in implementation of power plant construction projects in Russia, India, countries of the former Soviet Union, South-Eastern Asia, and Latin America.

For this purpose, in an attempt to strengthen its position in the mentioned power markets, Power Machines is ready to render assistance to JSC INTER RAO UES in project selection, consideration of issues related to project implementation, and delivery of power equipment (if necessary, on a turnkey basis). In this particular case the interest of JSC INTER RAO UES lies in implementation of investment projects including further ownership, management and use of generation facilities on target markets. Both companies intend to work towards developing and improving technical performance of the existing generation assets and those to be purchased. The main types of power facilities that were chosen for joint cooperation by Power Machines and JSC INTER RAO UES are hydraulic and heat power plants.   

Conditions for development and implementation of joint and mutually beneficial projects will be specified in separate contracts. Power Machines and JSC INTER RAO UES have agreed to prepare a list of projects that will be of interest to both parties. After preparation of this list the companies will develop joint business plans for implementation of each project.

The agreement on strategic partnership and cooperation between JSC INTER RAO UES and Power Machines is valid for five years since it has been signed by the companies. After that, the validity period may be extended by mutual consent of the parties.