RusHydro Group has purchased 100 percent of the shares of JSC Designing, Surveying and Research Institute 'Hydroproject' from the ESN Group. Hydroproject is the Russian leader in designing hydropower and general purpose hydro facilities.
The shares were purchased by RusHydro's subsidiary JSC Gidroinvest for cash, RusHydro reported.
The transaction was performed as part of the company's "Strategic Plan for Corporate Development till 2015," which calls for the development of design and research complex, as well as for the consolidation of the company's research and engineering assets.
"Hydroproject has unique human resources, has completed advanced research work in project design and engineering, has a recognizable brand (both domestically and abroad) and has extensive experience working with foreign customers," stated George Rizhinashvili, deputy chairman of JSC RusHydro's management board. "Adding Hydroproject to the RusHydro family will expand the company's international order portfolio and will also help spur new activity in international markets."
The institute, headquartered in Moscow, has branches in other Russian cities.
Since its founding in 1930, the institute, its predecessors and branches have constructed more than 250 HPPs with a total installed capacity of 65 GW (including 45 GW in Russia) and annual power output of 230 billion kWh (including 170 billion kWh in Russia). Outside the borders of the former Soviet Union, Hydroproject has built facilities such as the high-altitude Aswan Dam.
In other news, RusHydro and Voith Hydro have signed a memorandum of cooperation to upgrade and re-equip RusHydro's hydropower plants, news agencies reported.
The document provides for the joint consideration of technical and commercial terms of a long-term contract to supply equipment for RusHydro's generating facilities.
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