The 670MW plant’s financial manager Vladimir Belov said Sangtudin, which is still under construction, will receive US$110M from the stock issue before the end of 2005. This sum will include US$10M as direct investment from the Russian budget; US$10M as a rescheduled part of Tajikistan’s US$50M state debt to Russia; US$14.5M as direct investment from Russia’s electricity monopoly Unified Energy System (UES) and US$35.5M as investment from UES subsidiaries.

Belov said the plant’s management plans to complete the second stock issue by late September 2006, while investment in the plant from Russia and UES could reach US$187M, including the start of the third stock issue. The US$534M project for the 2.7BkWhr/yr plant’s construction was launched in 1989 and is planned to be finished in 2009.

The authorised capital of Sangtudin hydro power plant No. 1 is US$100,000. Its shareholders are Inter RAO UES (a subsidiary of Russia’s UES), which holds 75% of the stock, and the government of Tajikistan, with a 25% stake worth $121M.