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Investors from China are ready to join construction of Zhupanovskaya HPP in Kamchatka - EastRussia | Far East

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Investors from China are ready to join the construction of the Zhupanovskaya HPP in Kamchatka

The Kamchatka Development Corporation and the Chinese investment company Harbin ZhongJiGuo Investment Corporation have entered into an agreement of intent for the construction of the Zhupanovskaya hydroelectric power station. If the investment project starts to be implemented, it will become the largest in the Far East with the participation of foreign capital - only the implementation of the first phase of the project will require more than one billion dollars.

Representatives of the Chinese company said they were convinced of the technical viability of the project, its ability to recoup the investment in a reasonable time. According to Qing Zhang, executive director of Harbin ZhongJiGuo Investment Corporation, the company also sees risks to be faced, but believes that they can be overcome by joint efforts, especially since the region has created the most competitive conditions for investment.

According to the press service of the Development Corporation of the Kamchatka Territory, before it will be possible to announce the beginning of the project implementation together with foreign investors, it is necessary to hold long-term consultations and negotiations. Now Kamchatka needs cheap electricity for the economy and housing and public utilities - it will take the burden off the federal and regional budgets, which annually allocate enormous amounts to compensate for the difference between the selling price of electricity and the economically reasonable tariff.