The deal was carried out through a swap of 4.53% of JSC RusHydro’s shares from the balance of JSC Hydroinvest, a 100%-owned subsidiary of JSC RusHydro, without any cash contribution.

According to a statement by Rushydro, acquiring a stake in the hydro plant will create operational synergy between the capacity of the Krasnoyarsk plant and the RusHydro Group, as well as increase profitability for RusHydro’s retail business in the Krasnoyarsk Region due to more efficient cooperation between the Krasnoyarsk plant and Krasnoyarskenergosbyt (Krasnoyarsk Retail Supply Company).

Furthermore, says RusHydro, the deal will enable the company to use an integrated approach to developing hydro-generation in Siberia, coordinating and implementing an integrated rehabilitation and modernization investment program. It will also allow implementation of an integrated program for system safety at all power plants of the Enisei Cascade (the Krasnoyarsk, Sayano-Shushenskaya and Mainskaya hydro plants). RusHydro sees this deal as the first stage of consolidation of hydro generation in Russia.

Siberia is a strategic region for RusHydro. The Group owns and operates two of the three hydro plants in the Enisei Cascade (Sayano-Shushenskaya and Mainskaya), and is carrying out construction of the Boguchanskaya hydroelectric project.

Krasnoyarsk is the second largest hydroelectric project in Russia in terms of installed capacity, after the 6400MW Sayano-Shushenskaya project.