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RusHydro plans stock issue to fund repair of Siberian power plant

RusHydro plans stock issue to fund repair of Siberian power plant
RusHydro plans stock issue to fund repair of Siberian power plant - Sputnik International
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State-controlled electricity generator RusHydro will issue new shares to raise funds for the restoration of the Siberian hydropower plant hit by a fatal accident a month ago.

MOSCOW, September 17 (RIA Novosti) - State-controlled electricity generator RusHydro will issue new shares to raise funds for the restoration of the Siberian hydropower plant hit by a fatal accident a month ago, a Russian deputy prime minister said Thursday.

"At least 40 billion rubles [$1.3 billion] is needed to restore the plant. RusHydro could issue stocks for 20 billion rubles [$659 million] to attract funds for this purpose," Igor Sechin said.

He said that the August accident at the Sayano-Shushenskaya plant, which claimed 75 lives, was caused, among other things, by poor technical control by the plant's management.

"I think that it is too early to say that there was one specific reason for this accident. [Russian industry safety watchdog] Rostekhnadzor will carry out additional investigations and report back on the causes in 10 days," said Sechin, who heads a governmental commission on the incident.

The plant was wrecked by a water surge on August 17. Full reconstruction of the plant in the Siberian republic of Khakasia is expected to take five years.

 

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