OREANDA-NEWS. PJSC RusHydro (ticker symbol: MOEX, LSE: HYDR; OTCQX: RSHYY) announces that the Company's Board of Directors held a meeting in absentia on October 21, 2015.

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The Board of Directors approved an Addendum to the agreement of December 18, 2012, on allocation of budget funds between RusHydro, the Federal Agency for State Property Management and Ministry of Energy of Russia aimed to implement the President’s decree No. 1564 of November 22, 2012, on further development of RusHydro. In accordance with the agreement the Company received funds in the amount of RUB 50 bn from the federal budget to finance the implementation of four priority projects in the Far East of Russia.

The addendum provides for amendments to the main characteristics of the projects (technical, cost and terms of implementation) that have been determined based on the results of expert review and independent technical and price assessment:

Project

Maximum cost of project

(incl. VAT)

Installed capacity, MW / GCal

Year of launch

TPP in Sovetskaya Gavan’

RUB 18.6 bn

120 MW/ 200 GCal

2017

Sakhalinskaya TPP No.2 (1st stage)

RUB 34.8 bn

120 MW/ 18,2 GCal

2017

Yakutskaya TPP No.2 (1st stage)

RUB 26.2 bn

193,48 MW/469,6 GCal

2016

Blagoveschenskaya TPP (2nd stage)

RUB 8.2 bn

120 MW/ 188 GCal

2015

In the end of 2014, a full cycle of audits and approvals in regards to all four power plants was completed. The cycle includes: approval of the project documentation by FAU Glavgosexpertiza (Federal Agency for Expert Assessment), independent technical and price audit and review at joint sessions of scientific collegium of Non-Commercial Partnership NTS UES (Scientific and Engineering Council of United Energy System) and Scientific Council of the Russian Academy of Science on safety of large energy systems. The general contractors for each project were selected. Currently, the construction of all projects is underway.