Nov 30 2010
China Yangtze Power and EuroSibEnergo, a Russian-based electricity company, announced that they have inked a contract for establishing a joint venture for developing hydroelectric power plant facilities in Russia. China Yangtze Power is a hydropower company and is the operator of the Three Gorges Dam. The companies inked a hydropower cooperation contract in October 2010.
EuroSibEnergo stated that the joint venture would be set up on a parity basis. The company, in the upcoming three years, would examine six projects that are aimed at developing thermal and hydro power plants in Far East Russia and Siberia. After the study is completed, China Yangtze would look to obtain financing from lenders in China.
A part of the energy generated at the Russian power plants is likely to be exported to the northeastern and northern regions of China.
EuroSibEnergo added that China Yangtze Power has become its strategic partner. China Yangtze Power aspires to procure $168 million shares.