| Moscow, 23 April 2004. Today, RAO "UES of Russia" held a working meeting with the management of the VA TECH Group, Austria, and the Group's companies VA TECH HYDRO and VA TECH Transmission & Distribution. The parties discussed the possibility of the Group's companies taking part in the completion of the construction project at Boguchanskaya HPP.
The Austrian party provided information about the Group's activities in the construction and supply of equipment for hydropower facilities in the USA, Canada, China, and European countries. It was particularly noted that the Group's experience in organizing project finance may help optimise the construction process and install modern hi-tech equipment at the power plant.
RAO "UES of Russia" gave details of the current project status at Boguchanskaya HPP, and the results of examination of the possible ways to complete the construction.
Assessing the prospects of cooperation with the Austrian companies, RAO "UES of Russia" noted that VA TECH Transmission & Distribution, VA TECH's subsidiary, have concluded a large contract in 2004 to supply equipment for one of the hydroelectric power plants owned by OAO "Taymyrenergo". Accordingly, the Group's specialists are familiar with the local conditions of hydropower facilities operation and the terms under which the regional investment projects are implemented.
The parties agreed to exchange more detailed information of mutual interest.
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