Power Machines held the EGM on 20 April during which a number of interested party transactions were put to shareholders, and approved.
One of the approved contracts was to reconstruct and upgrade the installed capacities at the 94MW Lesogorskaya and the 70MW Svetogorskaya hydro plants on the Vuoksa cascade. The plants are owned and operated by TGC-1 (Territorial Generation Co - 1) in the northwest of Russia, and supply their output across the border to Finland.
At the Lesogorskaya plant, Power Machines will replace the four existing 23.5MW units with units of 30.5MW, thereby increasing capacity by 30%.
The three units at Svetogorskaya, which are also 23.5MW capacity each, are to be replaced by 29.5MW units.
TGC-1 has total installed generation capacity of 6.25GW, about half of which is hydro. The company is one of a number of TGCs held by the country's power group RAO UES (United Energy System).
