RusHydro says delays sale of Irkutsk Power Grid stake to late 2019

MOSCOW, Oct 29 (PRIME) -- The board of directors of Russian hydropower giant RusHydro has delayed the sale of a stake in Irkutsk Power Grid Company to aluminum giant UC RUSAL to October–December 2019, RusHydro said in a statement on Monday.

In April, RusHydro defined conditions of the company’s U.S. $319.5 million participation in the long-running construction of the Taishet smelter of RUSAL.

The hydropower giant planned to acquire 50% in a joint venture with RUSAL in exchange for 42.75% in Irkutsk Power Grid Company worth $150 million. RusHydro also planned to pay $19.5 million in installments over the three years after the Taishet smelter reaches projected capacity, and the remaining $150 million was to be paid with future incomes from the smelter.

After the U.S. imposed sanctions on tycoon Oleg Deripaska and companies he controls, including RUSAL, RusHydro said that the company would analyze the impact of the sanctions on joint projects with the aluminum giant.

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