Hydro OGK has awarded the advisory contract of its consolidation to a consortium of investment banks including Merrill Lynch, CIT Finance Investment Bank, and Metropol IFC.
The company was established in late 2003, gathering a collection of hydro assets and development projects under one roof with the aid of Russian industrial group RAO UES. The group plans to spin-off Hydro OGK and the hydro business has enlisted the aid of the banks to prepare a fair market value assessment of its assets as part of the consolidation process.
On projects, Hydro OGK has awarded voith-siemens the contract to supply a new generating unit for the Uglicskaya hydro plant. The contract to supply, install and commission the unit also involves dismantling the existing No 2 unit.
Under the EUR 33.2M replacement and upgrade contract, Voith Siemens will increase the capacity at No 2 unit by 5MW to 70MW. Total installed capacity in the existing plant, which was built in 1940, is 110MW.
Separately, the turbine-generator manufacturer OJSC Power Machines has been transporting the new 335MW turbine to the Bureiskaya hydro project. The 102 tonne turbine, 6.34m diameter unit is the fifth large turbine the company has supplied to the major project under construction.
The Bureiskaya project started in 1983 and has a design capacity of 2GW. Power Machines has been supplying generation equipment to the project since 2001. The first two 185MW units were commissioned in 2003, the third unit of 333MW capacity the following year, and the fourth of the same capacity in 2005.
The plant will have six units in total. As the fifth turbine arrives its generator unit is already waiting on site. Power Machines said that the fifth turbine-generator unit should be commissioned in June. At its factory, the company is manufacturing the last turbine and its generator is being shipped to site.
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