Vyacheslav Sinyugin, chairman of the board of directors of RAO UES subsidiary HydroOGK, announced that RAO UES and Rusal have signed a memorandum of intent, establishing another company which will own a 90% stake in Boguchanskaya.
According to Sinyugin, the project will be 30-50% financed from the company's funds, while loans will cover the other 70-50%.
The construction of the Boguchanskaya hydro power plant started in 1980 and was scheduled for completion in 1992, but the project was suspended due to a lack of funds. The plant is 55% ready and is now expected to take 27-28 months to complete.
