Voith Hydro and RusHydro have signed a contract to establish a 50/50 joint venture company, VolgaHydro LLC, which will operate in the Russian hydropower market.
Under the terms of the contract, RusHydro will exercise the industrial leadership and Voith Hydro will be responsible for the operational management. Voith Hydro will appoint the Chief Executive Officer (CEO) and RusHydro will announce who will become the Chief Financial Officer (CFO). Any decision over VolgaHydro will be made jointly by RusHydro and Voith Hydro. The headquarters of VolgaHydro will be the city of Balakovo in the Russian Federation.
With a technical potential of 424GW power and only 46GW installed, the hydromarket in Russia is significant. Besides building new hydropower plants, the JV will focus on extensive modernizations of old hydropower stations. For example, Voith and RusHydro have already begun work on the renewal of Miatlinskaya and Saratovskaya hydro plant. Voith also modernized the technical equipment for the Uglich project for RusHydro.
Image: Miatlinskaya hydro plant
