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July 29, 2010

Vnesheconombank (VEB) Supervisory Board approved the loan for completion of construction of the Boguchanskaya HPP and the Boguchansky Aluminium Smelter

The  Supervisory Board of the State Corporation Vnesheconombank (VEB) approved the provision of finance in the total amount of 50 billion rubles for the purpose of completion of construction of the Boguchanskaya HPP and the first construction stage of the Boguchansky Aluminium Smelter (BoAZ), which are included in the Boguchanskoe Energy and Metals Complex (BEMC).

In accordance with the decision of the VEB Supervisory Board, 28.1 billion rubles will be allocated for the hydropower plant construction, whereas 21.9 billion rubles in the U.S. dollar equivalent will be allocated for the aluminium smelter construction. The loan term for completion of construction of the Boguchanskaya HPP equals 16 years, while the loan for the Boguchansky Aluminium Smelter will be granted for 14 years. Money flows of the BEMC complex facilities, which are derived from electricity and aluminium sales revenue minus sales outlays, will be used to repay the loan. The property and shares of the project companies (CJSC BoAZ, and JSC Boguchanskaya HPP) will be treated as security for the loan. In addition to that, the terms of the loan for completion of construction of the Boguchanskaya HPP stipulate that in certain cases JSC RusHydro, will have to provide security for the loan, for example in case of failure to meet the deadline when the hydropower plant is to be put into operation.

The terms of the transaction proposed by Vnesheconombank will be considered at the earliest meeting of the JSC RusHydro Board of Directors.

"Funds received within the framework of the loan, subject to approval of the transaction by our shareholders, will allow us to redistribute financial flows and to channel the released sources of finance for implementation of strategic initiatives and actions of RusHydro within the framework of the Strategic Plan for Development of the Company up to 2015, approved by the Board of Directors of the company in June 2010", reported George Rizhinashvili, Deputy Chairman of RusHydro, OJSC Management Board.

Completion of construction of the Boguchanskaya HPP was resumed in 2006 by JSC RusHydro, and UC RUSAL after signing the Partnership Agreement on joint implementation of the project on creation of the Boguchanskoye Energy and Metals Complex (BEMC) as part of the Boguchanskaya HPP with the installed capacity of 3,000 MW and aluminium smelter with a productivity rate of 588 thousand tons of metal per year.

Boguchanskaya HPP construction is the basis of the state "Complex development of the Lower Angara territories" investment project which stipulates further development of the territory natural resources potential, provision of security of energy supply of the Unified Energy System of Siberia due to private investments attraction. The federal budget and the budget of the Krasnoyarsk Territory finance works on creation of facilities of the territory social, transport and power infrastructure. The implementation period of the "Complex development of the Lower Angara territories" state and private project is identified from 2006 to 2015.

As of July 2010 the readiness of the Boguchanskaya HPP start-up complex comprised: concrete and ferro-concrete placing in a gravity dam - more than 88 %; asphalt concrete placing in a rockfill dam - more than 92 %; metal structures and hydromechanical equipment installation - more than 82 %; hydropower equipment installation - over 42 %; land and rock excavation - more than 92 %; foundation cementation and drainage - more than 90 %; crane facilities installation - more than 39%.




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