RusHydro has received the first payment under agreement between RusHydro and Mainstream Energy of Nigeria, for management services in regard of two hydropower plants in Nigeria. The service agreement is signed for five years with potential extension. Mainstream Energy has committed to spend US$452m for modernization of the plants during the first five years of the concession. RusHydro will not provide any financing for the project.
In September 2012, a consortium of Mainstream and RusHydro won a tender to enter a concession agreement for operating two hydropower plants in Nigeria. The concession agreement between Mainstream and Nigerian government was signed in February 2013. Both power plants – Kainji and Jebba – are located on the Niger river, and have installed capacity of 760 MW and 578 MW, respectively. Currently available capacity of the plants is substantially below their installed capacity. The concession conditions provide for modernization of the power plants and increase of their available capacity.
RusHydro is responsible for technical management and management of plant modernization. The company will manage the plants’ operations to maximize their capacity utilization and will also organize tenders for engineering and construction services within modernization of the plants, as well as supervise the contractors’ work.
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