Russia tycoon eyes Hydro-Quebec partnership: report

14th February 2011, Comments 0 comments

Russian industrialist Oleg Deripaska was in Canada Monday reportedly to discuss partnering with the world's largest hydroelectric utility Hydro-Quebec on energy projects in developing nations.

His arrival in Canada on Sunday was confirmed by members of his entourage to AFP.

Deripaska, among Russia's richest men, earlier told the daily Globe and Mail he would meet with Hydro-Quebec executives to discuss opportunities in Latin America, with its vast undeveloped water resources, and elsewhere.

"They have knowledge and expertise," he told the newspaper, referring to Hydro-Quebec. "We're looking for a partner to build new hydro plants."

"It's always better to share with a knowledgeable partner, in my view, especially in a green field operation," he added.

"We know some things, they know some things. A utility company has a great opportunity to attract money. We and they (together) could reduce the cost of capital."

Deripaska controls EuroSibEnergo, Russia's second largest power producer. He said he sees tremendous growth opportunities.

"I believe this company will double its capacity in the next 20 to 25 years," he told the Globe and Mail.

Hydro-Quebec declined to comment on any discussions with Deripaska.

In Moscow, a spokesman for Deripaska said an announcement regarding his Montreal trip could come as early as Wednesday. The billionaire oligarch was to leave Montreal on Monday afternoon.

© 2011 AFP

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