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. Last Updated: 07/27/2016

RusHydro Plans Share Issue to Fund Dam Repairs

RusHydro aims to raise up to 19 billion rubles ($662.7 million) through an additional share issue next year to help pay for repairs to a Siberian dam, Energy Minister Sergei Shmatko said on Wednesday.

RusHydro, the country's largest hydroelectric power producer, will also be responsible for constructing a major new dam, Boguchany, in a joint venture with aluminum firm RusAl that the minister said would cost 34 billion rubles ($1.2 billion).

RusHydro runs the Sayano-Shushenskaya dam, Russia's largest hydroelectric power station, where a turbine room flood killed 75 people in August. Shmatko said the company would be able to finance repairs partly through the planned share issue in 2010.

"The additional share issue will take place on the market on the condition that a controlling stake remains in the hands of the state," Shmatko told reporters.

He said the state would not subscribe to the issue.

Shmatko said it was possible that repairs to the Sayano-Shushenskaya dam would cost less than the 40 billion rubles estimated earlier, though he did not give a new forecast for repair costs.