PJSC RusHydro, Rusnano and the Far East Development Fund have agreed to cooperate on creation of Fund for investments in economics of the Far East region.
The letter of intent has been signed on September 4, 2015, during the Eastern Economic Forum. The document was signed by Evgeny Dod, Chairman of the Management Board – General Director of PJSC RusHydro, Anatoly Chubais, Chairman of the Executive Board, RUSNANO Corporation, and Alexei Chekunkov, Chief Executive Officer, the Far East Development Fund.
The Fund will invest in electric power projects and other related sectors. The Fund’s priority partners will be Russian organizations operating or launching business in the Far East region and on the territories of advanced development. The aim of the Fund’s work, created in the form of the investment partnership, will be providing a long-term return on investment.
The size of the Fund, share of each party, procedure of making contributions and distribution of revenue, method of management and other essential characteristics of the Fund will be determined in the process of approval of the investment partnership agreements and while getting necessary corporate approvals. The parties plan to finish this work till the end of 2015.
Creation of joint venture capital fund of RusHydro and RUSNANO was included in the innovative development program* of RusHydro for 2015 as one of priority areas. Cooperation between the companies has started in 2011 when the general strategic partnership agreement was signed. The agreement was aimed at coordination of actions in terms of development, manufacturing and supplies of modern high-tech equipment and materials to hydropower holding, as well as creation of conditions for use of scientific and technical potential of engineering companies created with participation of RUSNANO.
*Innovative development program of RusHydro for 2011-2015 with the outlook for 2021, approved by the Board of Directors on August 2, 2011, determines aims and priority areas of innovative development of the Company, areas of improvement of Intellectual property management policy and target values of the program performance. The document provides for integrated approach to innovations focusing not only on technological development, but also on innovations in such areas as corporate processes, use of information telecommunication technologies, human resources quality improvement.