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. Last Updated: 07/27/2016

Hydro Plans Float Later this Year

Hydro-OGK, the country's largest hydropower producer, plans to sell shares in London and Moscow in the second half of next year, aiming to become the world's biggest publicly traded renewable-energy company.

Hydro, which has generating capacity equal to almost half California's, plans to double its installed capacity by the end of the next decade as Russia cuts its reliance on fossil fuels, Hydro-OGK CEO Vyacheslav Sinyugin said.

Hydro-OGK operates generators with a 23-gigawatt capacity.

"We're a state-controlled company, but that also gives us an edge since hydropower projects are long-term investments, and government support reassures many business partners and investors," Sinyugin said in an interview Sunday.

He declined to say how many shares the company will sell or how much it hopes to raise. Trust Investment Bank values the generator at $18.8 billion.

Hydro-OGK, currently a unit of national utility Unified Energy System, will become a separate company in July next year as UES is broken up to stimulate competition. The generator will be at least 52 percent state- controlled and rebranded as RusHydro.

The country is currently exploiting just one-fifth of potential production in Siberia and 4 percent in the Far East.

The government is backing nuclear and hydropower projects to cut the impact of pollution from a planned shift to coal-fired power in the next five years as natural gas is diverted for exports.