The Russian federal hydro power company said that the JV has won financial support from the Investment Fund for the Russian Federation, which would provide about US$254M in funding to projects being developed in 2008-9.

Hydro OGK plans to develop a cascade of plants on the Timpton, including the 1.6GW Cancun plant, the company said.

The hydro company has a 25.1% stake in the JV – the Development Corporation of South Yakutia. In April, the JV announced it would be applying for investment funding.

Elsewhere in Siberia, on the river Angara the company is working with industrial partner Rusal to develop the 3GW Boguchanskaya hydro project.