Putin signs decree allowing for issuance of RusHydro shares

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Russian Federation President Vladimir Putin has signed a decree allowing Russian energy giant JSC RusHydro to issue additional shares, providing that the government's ownership in the share capital of the company does not fall below 60.5%.

The amount of additional shares offered will be determined after RusHydro's Board of Directors approves the increase of its share capital, with capital raised to be used to finance construction of the 237.7-MW Verkhne-Narynskie and rehabilitation of the 340-MW Perepadyne hydroelectric power cascade projects.

RusHydro (LSE: HYDR) said it is also considering the possibility of selling its quasi-treasury shares comprising 2.3% of its share capital to JSC Rosneftegaz.

The Verkhne-Narynskie complex would include four hydropower plants located on the Naryn River, allowing RusHydro to increase revenue from power sales and the potential to export energy to neighboring countries.

Meanwhile, funds raised would also be used to rehabilitate Perepadyne plants 2-4, replacing the main and auxiliary equipment of the three hydropower projects. Located in the Abkhazia territory on the Inguri River, only the 220-MW Perepadnaya 1 is currently in operation.

HydroWorld.com reported earlier this week that RusHydro had commissioned two newly rehabilitated turbines at its Sayano-Shushenskaya hydropower plant.

The company also recently announced a deal with Atlantis Operations Ltd. to develop marine energy projects in Australia.

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