JSC RusHydro has signed an agreement with Voith Hydro, creating a new hydro turbine manufacturing joint venture to be called VolgaHydro LLC.
VolgaHydro LLC will be located in Balakovo City in Russia's Saratovskiy region, RusHydro said, with construction of a new plant to begin this year.
RusHydro (LSE: HYDR) will hold the controlling share of the joint venture, while Voith Hydro will be responsible for its operational management.
"[VolgaHydro] should become a center for innovations, contributing to the development of science and machinery engineering, and resulting in safety of electricity generation, efficiency improvement of equipment manufacturing and environmental protection," RusHydro said.
The joint venture will offer turbine and generator equipment, auxiliary mechanical and electrical systems, control systems, and modernization and rehabilitation services.
