The $3.6-bln project to build a 3,000-megawatt hydroelectric power plant on the Angara river in Siberia's Krasnoyarsk Territory and an aluminum smelter with an estimated capacity of 600,000 tons will need $2.5-bln in investment from a third party.
Russia's aluminum giant and a 100% subsidiary of Russia's electricity monopoly Unified Energy System said the smelter and the first reactor of the Boguchansk HPP would be launched in 2009, with the smelter to be the main consumer of electricity generated by the HPP.
Alexander Livshits, deputy director at RusAl, said earlier this month that the company was seeking co-investment from Russia's Investment Fund, which was set up in 2005 to develop major nationwide investment projects with joint public-private financing.
He said the company would take responsibility of social issues, including housing for employees, in exchange for tax breaks from the government.
Overall investment in the project including infrastructure is expected to exceed $5 billion.
