The transaction was completed inline with RusHydro’s "Strategic Plan for Corporate Development till 2015," which calls for the development of a design and research complex, as well as for the consolidation of the company's research and engineering assets.
Acquiring the research center will ensure that innovations are introduced during the design of RusHydro's power plants and other key projects, said the company in a statement, adding that the acquisition will also help create a one-of-a-kind design and engineering complex and allow the company to maximize orders for designing and developing modern infrastructure projects.
"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," said 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 Design and Research Institute Hydroproject, which is named after S.Y. Zhuk, is a specialist in the design of hydropower facilities. The Institute is headquartered in Moscow and has branches in other Russian cities. Since it was founded in 1930, the Institute, its predecessors and branches have constructed more than 250 hydropower projects with a total installed capacity of 65GW (including 45GW in Russia) and annual power output of 230BkWh (including 170BkWh in Russia). Outside the borders of the former Soviet Union, Hydroproject has built facilities such as Aswan Dam.
