Russian hydroelectric company HydroOGK has said it will invest more than US$1B on modernising its hydroelectric power projects by 2010.

The firm’s board of directors has said it will spend most of the money on the Volga-Kama chain of hydro power plants. HydroOGK also has a programme to modernise its plants during the period 2006-2010, as well as a long-term plan up to 2020.

The company said it would spend more than $215M to upgrade its hydroelectric facilities in this year alone.

HydroOGK’s investment plan for 2006 says that funds will go into completing construction of the Bureya hydro power plant in the Far East, the Irgana plant in the North Caucasus, and the Boguchany project in Siberia, as well as build a coastal discharge gate at the Sayano-Shushenskaya hydro power plant in Eastern Siberia.

The company will also spend about US$25M on building small hydroelectric power plants in the North Caucasus.

Last week, an additional US$4B of HydroOGK’s common shares were registered into the Russian financial market.

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