Signing of agreement on complex development of lower Angara region

The parties involved in the Complex Development of Lower Angara Region Project, signed an agreement on joined financing through the resources of the Russian Investment Fund as well as commercial enterprises. The project is based around the Boguchanskoye Energy and Metals Complex.

The agreement is signed by the responsible executors – the Federal Highway Agency and the Federal Railroad Agency and the Federal Energy Agency, by the state customer – the Krasnoyarsk Region’s Administrative Council, and by the Krasnoyarsk Region Development Corporation represented by UC RUSAL, HydroOGK and Vnesheconombank.
 
The Complex Development of Lower Angara Region Investment Project was the first to receive state support from the Russian Investment Fund for the creation of the necessary infrastructure. The project includes completion of the Boguchanskaya Hydropower Plant with a capacity of 3,000 MW, construction of a greenfield aluminium smelter with an annual capacity of 600,000 tonnes, construction of a timber processing complex with a capacity of 732,000 tonnes of cellulose per annum.

The completion of Boguchanskaya Hydro Power Plant and the construction of aluminium smelter are fulfilled in accordance with the cooperation agreement, signed between RUSAL and HydroOGK to jointly build the Boguchanskoye Energy and Metals Complex. By the terms of the agreement, RUSAL and HydroOGK will finance the completion of Boguchanskaya HPP and aluminium smelter construction.

The proprietary and attracted investments into the construction of the industrial objects within the investment project will amount to USD 6,88 bln. The Russia Investment Fund will finance works to create a necessary net infrastructure amounting to USD1.3 bln. The infrastructure construction includes the Boguchanskaya HPP power distribution scheme, the reconstruction and building of the Kansk-Aban-Boguchany-Kodinsk highway, the construction of a railway section between Karabula and Yarky and the construction of a bridge across the Angara river.

The realization of the Lower Angara region integrated development programme will create 10,000 new jobs and will contribute additional tax proceeds to local and regional budgets.