Pursuant to the contract, the company will supply four 42.5MW gas turbine units of modular design to the plant construction site within 19 months as well as provide additional services including installation, fine-tuning, testing, personnel training, supply of spare parts and transportation of the units to the site.

The company had won the contract in RusHydro’s open tender in November 2013 with a bid of RUR3.49bn (€74.2m) (including VAT).

The initial tender price was RUR4bn (including VAT) (€85.1m) and the company had provided the competitive bid for 20-year equipment maintenance with RUR3.12bn (including VAT) (€66.4m) as part of additional tender offer.

The companies expect to sign the contract for transportation, fine-tuning and installation of equipment as well as for personnel training in April 2014, and for supply of spare parts in October 2014.

Having received approval for the technical part from federal agency of expert assessment FAU Glavgosexpertiza, the project, which is listed in the scheme of territorial planning of the Russian Federation till 2030, is in advanced stage of receiving necessary permits for construction.

In addition, the project developer has neared completion on the tenders to select contractors for main and auxiliary construction works.