RusHydro Board of Directors Approved Investment Plan for 2012-2016
OREANDA-NEWS. July 05, 2012. JSC RusHydro (ticker symbol: MICEX-RTS, LSE: HYDR; OTCQX: RSHYY) announces the Board of Directors on June 22, 2012 approved the non-consolidated business plan[1] for 2012-2016, including the investment plan for this period.
The investment plan provides for financing of RUR 381,830 mn [2] and capacity additions of 5,318.14 MW in 2012-2016.
The plan sees the financing of technical upgrade and reconstruction at 190,922.64 mn. The program will result in comprehensive modernization and higher safety and reliability of existing capacity and capacity additions of 344.1 MW due to new equipment installations and efficiency improvements.
The plan also provides for financing the final stages of comprehensive reconstruction of Sayano-Shushenskaya hydropower plant after the 2009 accident. This project amounts to RUR 15,031 mn and it will be complete in 2014. The financing to rehabilitate the Baksanskaya hydropower plant after an accident in 2010 will amount to RUR 1,281.14 mn. RusHydro plans to complete this project in 2012.
New capacity build will require RUR 135,739.15 mn in financing for the following projects:
- RUR 18,803 mn for 570 MW Ust'-Srednekanskaya hydropower plant in the
- RUR 45,658.6 mn for BEMO project, a joint project of RusHydro and UC RUSAL to build a 3000 MW Boguchanskaya hydropower plant and an aluminum smelter with an output of 600 thousand tonnes p.a. in
- RUR 4,254.51 mn for 100 MW Gotsatlinskaya hydropower plant in the
- RUR 24,034.55 mn for 840 MW Zagorskaya pumped storage no. 2 near
- RUR 34,456.22 mn for 321 MW Nizhne-Bureyskaya hydropower plant in the
- RUR 8,532.27 mn for 160 MW Zelenchukskaya pumped storage/hydropower plant in the South of Russia.
The 2012-2016 plan sees RUR 13,272.28 mn in investment for renewables projects:
- RUR 7,587 mn for R&D and construction of an experimental Severnaya tidal plant in the
- RUR 5,685 mn for small hydropower projects in the
The investment plan provides for finalization of projects design works of Kankunskaya (cancelled) and elevation of reservoir of Cheboksarskaya hydropower plants. It also will require financing for recultivation and maintenance of projects that have been put on hold:
- an estimated RUR 11,477.28 mn for Zaramagskie hydropower plant;
- RUR 3,000 mn for Leningradskaya pumped storage;
- RUR 100 mn for Fiagdonskaya small hydropower project;
- RUR 700 mn for Verkhnebalkarskaya small hydropower project;
- RUR 97 mn for small hydropower project Chibit.
The Board approved the report on execution of KPIs of RusHydro in the 1st quarter of 2012.
[1] The plan doesn't include the financials and capex spend of RAO Energy System of East, a subsidiary of RusHydro.
[2] Hereinafter the financing includes VAT (18%).
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