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18 July 2006 - RAO UES of Russia and the South Generation Company - TGC-8 have jointly initiated an investor selection procedure for building new generating capacity at the Experimental Thermal Power Plant (TPP).
The decision was approved at a meeting of the Board of Directors of RAO UES of Russia, June 23. The decision sanctions the construction at the site of one or two power units, housed in the existing plant building and with a capacity of at least 120 MW.
Investors interested in the implementation of the investment project are invited to send their proposals to RAO "UES of Russia" not later than August 1, 2006. The selection of investor will take place by the end of August.
RAO UES said it would give preference to design solutions based on the modern Circulating Fluidized-Bed Coal Combustion technology.
Investments in the upgrading of Experimental TPP are planned to be attracted through a private offering of additionally issued shares in the Plant to the investor. The participating interest of RAO "UES of Russia" (including that of TGC-8) in the authorized capital of Experimental TPP as a result of this additional issue of shares will be a minimum of 25 per cent + 1 share. The offering price of Experimental TPP shares will be determined based on their market value.
The Experimental TPP needs to be upgraded due to extreme deterioration of its equipment, most of which has been in operation since 1954. The plant has become unreliable and expensive to maintain in serviceable condition.
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