RusHydro scraps projects in India, Nepal, Bhutan
MOSCOW. Aug 19 (Interfax) - The board of directors of Russian power generating company OJSC RusHydro has given its stamp of approval to terminating the company's participation in Cyprus-based RusSUNHydro Limited, which was created together with SUN Group to implement projects in India, Nepal, and Bhutan, RusHydro said in a press release.
In addition, RusHydro has deemed cooperation with NHPC Ltd, with which it had planned joint projects in these countries, to no longer be relevant.
"RusSUNHydro Limited was established in 2007 by HydroOGK and SUN Group in Nicosia, Cyprus, in order to control the construction and operation of hydropower plants in India, Nepal, and Bhutan. The company conducted feasibility studies on the hydropower potential of India, Nepal, and Bhutan with total installed capacity of 87 GW. The management of RusSUNHydro Limited considered potential investments in different projects in India, but the company did not participate in any of them, as these projects didn't comply with its investment policy. At the moment, the company has stopped its operations. Shareholders preliminarily decided to put the company into liquidation due to its economic inefficiency," the press release said.
RusHydro made a second attempt at the Indian market by collaborating with NHPC Ltd. The companies signed a memorandum in 2011 that outlined plans to look into the potential for jointly building hydroelectric power plants in India and other countries. RusHydro had been eyeing two projects: the construction of one 300-MW and one 1,200-MW hydroelectric power plant in India.
State-controlled RusHydro owns the majority of hydropower plants in Russia and controls OJSC RAO Energy System of East (RAO ESE) and a host of electricity retail assets. Overall installed capacity totals 36,500 MW.
