OREANDA-NEWS. On December 04, 2007 the Board of Directors of the OGK-1 approved the decision to establish its 100% subsidiary – a closed joint-stock company “Nizhnevartovskaya GRES” (Nizhnevartovsk Power Plant), says the press release of the company.

OGK-1 will be the sole owner of the Nizhnevartovsk Power Plant. The authorized capital of the power plant will be 5,806,456,876 rubles in shares of 1 ruble each. OGK-1 will pay the authorized capital using the property of the power plant.

In late September 2007, TNK-BP and OGK-1 signed a preliminary agreement on joint development of an investment project for construction of a combined-cycle unit with a capacity of 800 MW at the Nizhnevartovsk Power Plant. On October 12, 2007, the Board of Directors of OGK-1 approved participation of OGK-1 in the joint-stock company NVG Ltd. specially founded for this investment project.

Initially, the share of OGK-1 in the authorized capital of NVG Ltd. will be 100%, and TNK-BP, as the strategic investor of the project, will be able to receive its 25% after additional issue of shares of this company. These funds will afterwards be used for construction of a new generating unit of the Nizhvevartovsk Power Plant.

Construction of the new generating unit will be started in 2008 and completed in 2010. The generating unit will have state-of-the-art combined-cycle power generating equipment with an efficiency of more than 50%.

OGK-1 incorporates the Perm Power Plant, Verkhny Tagil Power Plant, Kashira Power Plant, Nizhnevartovsk Power Plant, Urengoi Power Plant, and Iriklinskaya Power Plant. OGK-1 is the largest and most powerful wholesale generating companies established in the course of reforms in the power generating industry. Its rated overall generating capacity is 9,531 MW.