A Russian company has signed agreements with Chinese firms to develop hydropower projects in both nations.
Russia’s largest hydropower producer RusHydro and China Three Gorges Corporation are to build and operate four hydropower stations in Russia’s Far East, with a total capacity of 1,762MW.
The Russian firm has also agreed to jointly invest in a hydropower project near St. Petersburg with Power Construction Corporation of China.
The combined value of both agreements come up to 368 billion roubles ($7.9bn). RusHydro is to establish a joint venture with both companies in which it would have a 51% stake.
Evgeny Dod, CEO of RusHydro added: “The agreement signifies a breakthrough in co-operation between our countries in the power sector and in attracting Chinese investment into the Russian electricity sector.
“In addition to protecting vast territories, both on Russian and Chinese banks of the Amur River from catastrophic floods and contributing to development of modern power infrastructure the region, the projects will provide additional stimuli for economic growth and job creation.”