ITOCHU Announces Signing of Memorandum of Understanding for Russia / Avtozavodskaya Power Project
November 21, 2012
ITOCHU Corporation (headquartered in Minato-ku, Tokyo; Masahiro Okafuji, President & CEO; hereinafter “ITOCHU”) announced today that it signed a memorandum of understanding on November 20, 2012 for the Avtozavodskaya power project with En+ Group Limited (Jersey; Oleg Deripaska, Representative; hereinafter “En+”), which operates diversified mining, metal and other projects in Russia.
OJSC EuroSibEnergo (Russia; Evgeny Fedorov, Representative; hereinafter “EuroSibEnergo”) as a subsidiary of En+ is planning construction of a combined heat and power plant with a total power output of approximately 400 MW at Nizhniy Novgorod in eastern Russia. A letter of intent has already been issued by EuroSibEnergo to use a gas turbine manufactured by Mitsubishi Heavy Industries, Ltd.
ITOCHU and Toyo Engineering Corporation are jointly promoting the construction contract for the project with EuroSibEnergo, and the memorandum of understanding constitutes an agreement to collaborate with one another to start construction for the project in 2013.
EuroSibEnergo is a subsidiary of En+ that covers the energy sector of Basel Group as a Russia’s major company and is Russia’s one of largest private power companies, with a total generation capacity of approximately19 GW, mainly hydroelectric power.
Large high-efficiency gas turbine power plant projects are expected to increase in Russia in line with the modernization energy conservation policies in the power infrastructure sector. ITOCHU will continue to make extensive efforts to promote power infrastructure projects that address Russia’s needs.