JSC Boguchanskaya HPP and the state corporation Vnesheconombank have successfully concluded an Agreement to allocate loan funds to finance completion of the Boguchanskaya HPP, which is part of the Boguchanskoye Energy and Metals Complex (BEMO). JSC RusHydro (ticker symbol: LSE, RTS, MICEX: HYDR OTCQX: RSHYY) acts as the guarantor under this Agreement. The transaction was approved at an Extraordinary General Meeting of shareholders of JSC RusHydro, held October 22nd, 2010.
In accordance with financing terms for the BEMO project, approved by a resolution of Vnesheconombank's Supervisory Board on July 28th, 2010, a sum of RUR 28.1 billion will be allocated to complete HPP construction. The loan term for completing the Boguchanskaya HPP construction project is 16 years.
Construction of the Boguchanskaya HPP was restarted in 2006 by JSC RusHydro and UC RUSAL, after concluding an Agreement on the joint implementation of a project to construct the Boguchanskoye Energy and Metals Complex (BEMO), including the Boguchanskaya HPP with an estimated installed capacity of 3,000 MW and an aluminium smelter with a capacity of 600 thousand tons per year.
Staged commissioning of 9 hydro-electric generating units at the Boguchanskaya HPP, which will reach full operating capacity in 2013, is the heart of the State investment project "Complex Development of Nizhneye Priangarie," which calls for further exploitation of the territory's natural resource potential and the provision of energy security for the inter-connected Siberian power system by attracting private investment. The construction of social, transportation and energy infrastructure facilities for the territory is financed by both the federal and regional (Krasnoyarsk Krai) budgets. The state-private project "Complex Development of Nizhneye Priangarie" covers the period from 2006 to 2015.