The agreement will see RusHydro finalizing construction of the 570MW Ust-Srednekanskaya hydropower plant, which will feature four hydropower units on the Kolyma River, 200km downstream the site of active Kolymskaya HPP.

The administration will set long-term tariffs for Ust-Srednekanskaya and Magadanenergo for sale and purchase of output with Polyus Gold’s Matrosova mine starting 2014.

The 169MW first phase comprising two units is scheduled to come online in 2013, while the completion of the entire plant is set for 2018.