EuroSibEnergo, Yangtze Power Sign Investment Framework Pact

EuroSibEnergo, the Russian utility controlled by billionaire Oleg Deripaska, signed an investment framework agreement with China Yangtze Power Co. for a series of power projects in Eastern Siberia.

“The proposed new plants will be the foundation for the development of new industries and infrastructure in Eastern Siberia, driving the region’s growth,” EuroSibEnergo said in an e-mailed statement today, citing Chairman Andrey Likhachev.

The agreement was signed by Likhachev and Yong Bai, chief financial officer at Shanghai-listed Yangtze Power, at the St. Petersburg International Economic Forum, according to the statement. The companies are currently conducting a feasibility study, EuroSibEnergo said, without giving investment values.

Projects that the companies are studying include the Lenskaya CHP in the Ust-Kut, Irkutsk region and the Nizhne- Angarskaya HPP in the Krasnoyarsk Territory, according to EuroSibEnergo.

--Wang Ying. Editors: Ryan Woo.

To contact the reporter on this story: Ying Wang in Beijing at ywang30@bloomberg.net

To contact the editor responsible for this story: Amit Prakash at aprakash1@bloomberg.net.

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