En+ Group mulls building two hydro plants in Buryatia with capacity of 1200 MW and 210 MW

VLADIVOSTOK. Sept 4 (Interfax) - En+ Group is considering building two hydropower plants (HPP) on the Vitim River in Buryatia, the Mokskaya HPP with capacity of 1200 MW and its counter-regulator, the 210 MW Ivanovskaya HPP, the company reported after signing an agreement to this effect with the regional government at the Eastern Economic Forum (EEF).

Under the agreement, En+ Group will consider the possibility of financing the project to build the two plants, and ensure company representatives' participation in the work of the project committee and cooperation between project participants.

The Buryatia government, in turn, will provide the company with the necessary documentation on the project, ensure decisions are made for the start of construction, and provide organizational and regulatory support for the implementation of the project.

The parties will also draft a roadmap for the construction of the two hydro plants, the company said.

En+ Group is a vertically integrated producer that combines power-generating assets with installed capacity of 19.6 GW, including 15.1 GW of hydropower assets; and aluminum output with annual capacity of 3.9 million tonnes through a controlling stake in Rusal .

En+ Group does not have a controlling shareholder. Oleg Deripaska, the company's founder, has reduced his stake to 44.95%, no more than a 35% voting share, in order to withdraw En+ from sanctions. The quasi-treasury stake is 21.4%, purchased from VTB for $1.58 billion; and Glencore has 10.55% of the shares. Free float is around 9.5%.