TGK-2, China Huadian found JV to build CHPP in Yaroslavl
MOSCOW. Dec 13 (Interfax) - Generating company OJSC TGK-2 and China Huadian Corporation have inked founding documents for a joint venture to be called Huadian-Teninskaya TETs (combined heat and power plant, or CHPP) for the building of a steam-gas station in Yaroslavl, the Russian company's press service said on Tuesday.
TGK-2 will have a 51% stake in the JV and China Huadian Corp. the other 49%, the press service said. The Chinese outfit will finance 70% of the project and the Russian genco 30%.
The new enterprise Huadian-Teninskaya TETs will commence functioning next month. It will be registered in Yaroslavl Region and initially employ some thirty people, and around 140 jobs will be created for servicing the station.
The 450 mWt CHPP will cost roughly 20 billion rubles, and will be located at the Teninsk boiler plant. The station will produce its first heat and power in 2013. The project recoupment period is upwards of ten years.
Building the station is part of TGK-2's compulsory investment program, under which is planned the building of more than 1.5 gWt of generating capacity.
TGK-2 encompasses generating companies in six Russian regions: Arkhangelsk, Vologda, Kostroma, Novgorod, Tver, and Yarloslavl Regions. Combined installed power-generation capacity is 2,582.4 mWt, for heat - 12,473 gCal/hour.
Huadian is one of five Chinese state-owned power companies. It has combined generating capacity of 77,500 mWt, and its assets are worth around $48.5 billion.