RusHydro JSC (RSHYY: OTC Link) | Results of the Board of Directors on October 18, 2012

Results of the Board of Directors on October 18, 2012

Oct 22, 2012

OTC Disclosure News Service

Moscow, Russian Federation –

Results of the Board of Directors on October 18, 2012

October 19, 2012. JSC RusHydro (ticker symbol: MICEX-RTS, LSE: HYDR; OTCQX: RSHYY) announces that the Company’s Board of Directors held a meeting in absentia on October 18, 2012.

The Board of Directors approved participation of RusHydro in newly established CJSC Verkhne-Narynskie HPPs in the Kyrgyz republic under terms stated in the agreement between the governments of Russia and Kyrgyzstan, signed in September 2012.

The share capital of CJSC Verkhne-Narynskie HPPs will amount to 5 mn Kyrgyz Soms (around USD 106.1 thousand) and will be divided into 5 mn common shares with par value of 1 Kyrgyz Som per share. Share ownership structure of CJSC Verkhne-Narynskie HPPs will be established as follows: RusHydro and JSC Electric power stations will own 50% of shares each. The share capital will be paid in cash.

The Cascade of Verkhne-Narynskie HPPs will include four hydropower plants: Akbulunskaya HPP, Narynskaya HPP-1, Narynskaya HPP-2 and Narynskaya HPP-3. The total installed capacity of the hydropower plants will be 191 MW with average annual electricity generation of 1,055 GWh. The project cost is estimated at USD 410-425 mn (as of 2009).  Construction of each plant will take 2.5-3 years on average (synchronous construction of all stations can take 4-5 years). The full project’s financing scheme and terms of RusHydro’s involvement in the project will be determined after feasibility study is complete. Electricity generated by hydropower plants can be supplied to mining companies, households or exported to neighboring counties. RusHydro and JSC Electric power stations will be the shareholders of CJSC Verkhne-Narynskie HPPs. The project will be coordinated by Ministry of Energy of the Russian Federation and Ministry of Energy and Industry of the Kyrgyz Republic.

 

For more information:

JSC RusHydro, Investor Relations Department

Tel. +7 (495) 225-3232 ext. 1319, 1394, 1607

ir@rushydro.ru

 

DISCLAIMER

The information in this press release may contain projections or other forward-looking statements regarding future events or the future financial performance of RusHydro. One can identify forward-looking statements by terms such as “expect,” “believe,” “anticipate,” “estimate,” “intend,” “will,” “could,” “may” or “might,” the negative of such terms or other similar expressions. We wish to caution you that these statements are only predictions and that actual events or results may differ materially from these statements.

We do not intend to update these statements to reflect events and circumstances occurring after the date hereof or to reflect the occurrence of unanticipated events. Many factors could cause the actual results to differ materially from those contained in our projections or forward-looking statements, including, among others, general economic conditions, our competitive environment, risks associated with operating in Russia and rapid technological and market changes in our industries, as well as many other risks specifically related to RusHydro and its operations.

The above news release has been provided by the above company via the OTC Disclosure and News Service. Issuers of news releases and not OTC Markets Group Inc. are solely responsible for the accuracy of such news releases.

Article source: http://www.otcmarkets.com/stock/RSHYY/news?id=54004

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