RusHydro and Voith Hydro (Austria) signed in Moscow an agreement on the establishment of a joint venture, "VolgaGidro", based on the production of hydraulic turbine equipment.
The company will be located in the city of Balakovo, Saratov region, is expected to start construction in 2013. Document was signed by Chairman of RusHydro's Management Board Evgeny Dod and Chief Executive Officer, President of Voith Hydro Dr. Leopold Heninger.
Control of the joint venture will be owned by RusHydro. In this case, the operational management of the enterprise will carry out Voith Hydro, a RusHydro — appoint CFO. Decisions on all the key issues will be taken jointly by the parties. The share of RusHydro will be 50% of the share capital plus one ruble, the share of Voith Hydro — 50% of the share capital minus 1 ruble. The authorized capital of the companies will be paid in equal shares (100 thousand euros in rubles at the exchange rate of the Central Bank of Russia). Cost-effectiveness of the joint venture will be achieved not only through the production of equipment for RusHydro, the company also plans to work with other companies in Russia and abroad, including service contracts. The joint venture aims to become Innovation Centre, contributing to the development of national science and engineering, the report says RusHydro. Transfer of technologies of manufacture and assembly of power equipment, the introduction of training and re-training of production personnel in Russia will not only locate production facilities, but also give a qualitative jump in the development of innovation. The results of its application to ensure the safety of electricity, increasing the efficiency of production equipment, the preservation of the environment and biological resources. The signing of the agreement is a logical continuation of the cooperation between the Russian company and the Austrian hydro power equipment manufacturer. To date, RusHydro and Voith has already implemented a joint project of the Uglich hydroelectric power stations, as well as continued cooperation in other hydroelectric stations, including Miatlinsky in Dagestan.