Russian electricity import and export utility JSC Inter RAO UES has concluded an agreement with Russian equipment supplier Power Machines to cooperate in global development of hydropower and thermal power plants.
Officials of the two companies signed an agreement in December establishing a strategic partnership and collaboration in the study of joint development of projects.
Inter RAO UES, which has been a subsidiary of former Russian utility monopoly Unified Energy Systems (UES), said the firms will consider building power plants in Russia, former Soviet republics, Southeast Asia, and Latin America. (HNN 6/29/07)
Power Machines is to assist in selection of projects, in study of implementation questions, and in delivery of generating equipment. Inter RAO UES is to assist in investment programs with subsequent ownership, control, and operation of generating projects.
The companies also plan to cooperate in modernization and upgrade of existing projects.
The five-year agreement may be extended by mutual agreement, Inter RAO UES said.
Inter RAO UES groups more than 20 companies working in 14 countries and controlling nearly 8,000 MW of generation. Power Machines is the chief Russian producer of power generating equipment, with machinery supplied to 87 countries.
Sochinskaya TES to acquire, assume name of Inter RAO UES
The shareholders of JSC Inter RAO UES agreed in December to the takeover of the utility by thermal power plant operator Sochinskaya TES. The reorganization of Inter RAO UES is to take place during the final stage of reorganization of its parent UES.
At that stage, UES will spin off Inter RAO UES with simultaneous takeover by Sochinskaya. Shares in Sochinskaya are to be distributed among shareholders of UES and the shareholders of the two companies are to merge into Sochinskaya TES, which then will be renamed OJSC Inter RAO UES.