ROSSETI and the State Grid Corporation of China create a task force for joint venture operations

ROSSETI and the State Grid Corporation of China create a task force for joint venture operations 22.07.2014

ROSSETI and the State Grid Corporation of China have put together a task force to manage the operations of their joint venture created to implement various projects to modernise and construct electricity infrastructure facilities in Russia and other countries.

ROSSETI sent a number of managers from the structural subdivisions of the Siberian Interregional Distribution Grid Company to participate in the task force as well the First Deputy General Director for Investment Operations and Co-Chair of the task force Dan Belenkiy, Adviser to the General Director Mikhail Khryapov and Deputy General Director for Finance Yegor Prokhorov.

The task force will mainly be focused on developing the mechanism for creating the joint venture, which includes creating the concept, developing the organisational structure while also attracting financial institutions from China to fund its operations in Russia.

The two companies signed an agreement about their strategic partnership in May of 2014. The parties are planning particularly focus on examining the possibility of building the Eurasian Power Bridge and organising the supply of electricity from Russia to China. An important topic of discussion will be constructing AC and DC ultra-high voltage power lines as well as an underground ultra-high voltage substation in Russia.

The companies will also be partnering to develop the smart grid, construct and upgrade existing energy facilities, manage the electricity sector to increase the level of safe operation and to sustainably develop power networks. Furthermore, the companies plan to expand their cooperation in charging station technology.

In June of this year, the ROSSETI management also held a number of meetings in Hong Kong to discuss attracting long-term credit and investment for joint projects with the State Grid Corporation of China, which included meeting with the Bank of China, the Industrial and Commercial Bank of China and the Agricultural Bank of China (ABC International).

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