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. Last Updated: 07/27/2016

Mitsui, Statkraft Eyeing Power Plants

Mitsui, Japan's second-largest trading company, and Norwegian utility Statkraft are considering building hydropower plants in Russia as the country prepares a law to support alternative energy.

Executives from the companies will visit the North Caucasus next week to study a plan to build seven plants with a total capacity of 125 megawatts, said Andrei Petrushinin, spokesman for Hydro OGK, Russia's biggest operator of water-generated electricity.

"The investment climate in the Caucuses is changing for the better and we see almost equal interest from European and Asian investors," Petrushinin said on the sidelines of a conference on alternative energy in Moscow on Friday.

The country is seeking to lessen its reliance on fossil fuels by increasing nuclear power and hydropower production. The Industry and Energy Ministry is preparing a bill to support alternative energy projects with a system of so-called green certificates. Legislation will probably be sent to the State Duma in the third quarter, Petrushinin said.