Thursday, February 24, 2011

Leading Russian, Chinese power companies form joint venture in Siberia

Leading Russian, Chinese power companies form joint venture in Siberia

Updated: 2011-02-25

MOSCOW, February 24 (Xinhua) -- Russia's largest independent power
company "EuroSibEnergo" and the "China Yangtze International" ( Hong
Kong subsidiary company of the "China Yangtze Power") have signed an
agreement to form a joint power venture in Russia's Siberia, the
EuroSibEnergo announced on Thursday.

According to the agreement, the joint venture "YES Energo", of which the
EuroSibEnergo and the China Yangtze International each hold a 50 percent
stake, will develop hydro and thermal power projects in Siberia.

In the first stage of the venture, YES Energo will examine two
hydropower and one thermal project in Eastern Siberia with a total
installed capacity of over 3 GW, the EuroSibEnergo said in a statement,
adding that the joint venture is aiming at building up to 10 GW of new
capacity to feed the growing domestic demand for electricity which is
anticipated in the region and to create additional capacity for power
exports from Siberia to China.

"Mutually beneficial relationships such as the YES Energo will further
strengthen ever-expanding Sino-Russian strategic partnerships, and we
hope that our partnership will provide a good example for other
companies and industries seeking to boost Sino- Russian bilateral
cooperation," the Chairman of China Yangtze Power Cao Guangjing said in
the statement.

Chairman of EuroSibEnergo Andrey Likhachev praised the cooperation as a
"landmark", saying "YES Energo is a perfect example of how Russia and
China can partner strategically to shape the future of the energy industry."

According to the statement, the YES Energo, whose name comes from China
Yangtze Power and EuroSibEnergo, is registered in Hong Kong with a
statutory capital of 6 million U.S. dollars.

China Yangtze Power is the largest listed hydropower electricity
producer in China and one of the top hydropower producers in the world.

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