17 Sep 2009 19:19

Inter RAO to set up energy joint venture with Cuba by November

ABAKAN. Sept 17 (Interfax) - Russian electricity importer/exporter Inter RAO UES expects to set up a joint venture on an equal basis with Cuba's Union Electrica to build energy facilities by November, Inter RAO CEO Yevgeny Dod told journalists.

"We have agreed on the founding documents. We will have a 50:50 joint venture," he said.

The joint venture's pilot project will likely be the modernization and expansion of the Maximo Gomez Thermal Power Plant in Mariel with installed capacity of 600 megawatts.

Equipment is already being supplied for this project, he said.

It was reported earlier that the joint venture could work with other investment projects, including the construction of mini hydroelectric power plants, supplies of energy equipment to Cuba and the development of grid infrastructure.

Inter RAO handles the export and import of electricity in Russia. The company owns overseas power assets, primarily in the CIS, and manages several electricity stations in Russia.

The Federal Agency of Nuclear Energy and Industry (Rosatom) is the controlling shareholder in Inter RAO with a stake of 57.3%.