On the sidelines of the INNOPROM International Industrial Exhibition in Yekaterinburg, the Far East Development Corporation (FEDC) signed a four-party cooperation agreement for the implementation of an investment project to construct local power supply sources based on small HPPs for an industrial enterprise in the Chukotka Autonomous Area.

The companies Generatsiya, GoldArctic and Global Hydro Rus were the signatories of the agreement. According to the project initiator, Roman Feroyan, General Director of GoldArctic LLC, the development of solid mineral deposits in remote areas of the Arctic first of all requires a reliable and cost-effective electricity source.

The resident of the Arctic zone of the Russian Federation aims to mine placer gold in the Iultinsky district of the Chukotka Autonomous Area. The difficulty lies in the significant remoteness of the licence area from the centralised energy infrastructure, so it is necessary to develop a local power supply source with a capacity of 1 MW with a prospective expansion to 15 MW. Generatsiya LLC will act as an investor in the creation of a local energy centre.