In the agreement, signed by Bård Mikkelsen, CEO and President of Statkraft, Viacheslav Sinyugin, CEO of Hydro OGK, and Ragnar Ottosen, CEO of Rosnor Energo, the parties are set out to analyze possibilities for further exploration of the Russian hydropower resources. The parties shall also concider cooperation of technology and market knowledge to enhance utilization of hydroelectric production units.

Considerations of civil-engineering constructions of hydroelectric power plants, including Norwegian capital is planned.

"This agreement in principle is an important signal of our interest in the Russian market. Both Statkraft and Hydro OGK are leading players in the fields of hydropower and power trading, and now our two companies will work together to explore mutual business opportunities," says Bård Mikkelsen.

"The signed agreement is a very positive moment not only for Hydro OGK but also for the whole Russian electric power industry. It shows that interest from foreign investors to the sector is substantial," says Viacheslav Sinyugin.

" The Russian Federation has probably the world's largest potential for investments in renewable energy. This agreement between two leading electricity producers is a very important step in order to increase the global role of renewable energy," says Ragnar Ottosen.