Russia hydro utility, India group to develop hydro

Russia hydropower generator HydroOGK and India business and investment company Sun Group signed an agreement June 9 to collaborate on hydropower development in India, and possibly in Russia.

HydroOGK Chairman Vyacheslav Sinyugin and Sun Group Chairman Nand Khemka signed a memorandum of cooperation during the international St. Petersburg Economic Forum, June 8-10.

The agreement calls for a joint venture to build and acquire hydroelectric projects in India. Russian Economics Minister German Gref said the agreement also includes possible development in Nepal.

Additionally, Sun Group is to examine the possibility of investment in Russian projects being developed by HydroOGK. Sun Group and the Khemka family have been involved in Russian business ventures since the 1950s.

In May, HydroOGK signed an agreement with the Morgan Stanley investment firm to raise a seven-year loan of 1.5 billion rubles (US$58 million) to upgrade existing hydropower projects and complete new projects. (HNN 5/16/07)

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