15 Jun 2011 14:53
June 15th, 2011
RusHydro and Reykjavík Geothermal Agree to Cooperate in Geothermal Energy Projects
JSC RusHydro (ticker symbol: RTS, MICEX, LSE: HYDR; OTCQX: RSHYY) announces that it signed a cooperation agreement with Reykjavík Geothermal which defines the terms of cooperation in geothermal power projects.
The parties are working together to set up a joint venture (JV) which will focus on the construction of geothermal power plants with total installed capacity of up to 200 MW. RusHydro will hold a controlling stake in the JV and act as an investor, and Reykjavík Geothermal will manage the projects.
RusHydro is also considering similar projects in Russia with total installed capacity of 100 MW or more and can create a 100% subsidiary for this purpose.
Deputy Chairman of the Management Board of RusHydro, George Rizhinashvili, commented: «We believe that there is great unharnessed potential for development of geothermal power in Russia and abroad and hope that cooperation with highly professional team of Reykjavik Geothermal in carrying out joint projects will be mutually favorable».
СЕО of Reykjavík Geothermal, Guðmundur Þóroddsson, commented: «We believe that the cooperation with RusHydro is going to speed up the development of the geothermal potential in the world and also open up for Reykjavik Geothermal the vast opportunities in Russian technology for use in geothermal projects».
For more information:
JSC RusHydro, Investor Relations Department
Tel. +7(495) 225-3232 ext.1319, 1394, 1607
ir@rushydro.ru
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