RusHydro to buy controlling stake in Vietnam’s Dakdrinh Hydropower

Russia’s largest hydroelectric power producer, RusHydro, has signed an agreement to buy a controlling interest in Dakdrinh Hydropower from Vietnam Oil and Gas Corporation, which owns 75 percent of the company.

The deal, signed in Hanoi during Russian President Dmitry Medvedev’s official visit to Vietnam, is in line with RusHydro’s development strategy until 2015, RusHydro reported.

Dakdrinh Hydropower is currently building a 125-MW hydropower plant in Quang Ngai province in Vietnam.

The sale contract will be ready by the end of this year, when the asset’s evaluation is completed, reports indicate.

In other news, RusHydro Group has purchased 100 percent of the shares of JSC Designing, Surveying and Research Institute ‘Hydroproject’ from the ESN Group. Hydroproject is the Russian leader in designing hydropower and general purpose hydro facilities.

The shares were purchased by RusHydro’s subsidiary JSC Gidroinvest for cash, RusHydro reported.

The transaction was performed as part of the company’s “Strategic Plan for Corporate Development till 2015,” which calls for the development of design and research complex, as well as for the consolidation of the company’s research and engineering assets. – HydroWorld

Tags: Dakdrinh Hydropower, RusHydro