Sergei Molozhavy and Rafael Rodriguez met during Venezuelan President Hugo Chavez's visit to Russia.
"The engineering plan for building a hydrotechnical complex on the Rio Doradas river proposed by Technopromexport specialists has been deemed optimal and approved by the project originator, CADAFE Co. [which manages Venezuela's power grid]," the company said in a press release.
Technopromexport has prepared a feasibility study for a hydro power plant with a designed capacity of 500 MW to supply consumers in southwest Venezuela, and is completing the project estimates. Molozhavy said that according to preliminary estimates, the project would cost $800-$900 million, adding that a contract could be signed towards the end of the year.
Venezuela needs new power plants to meet its growing electricity demand. Over the next 10 years, demand is expected to grow 3.2% annually.
