InterRao Khrami I & II HPP

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In April 2011, InterRao and the Georgian government signed a Memorandum on Development of Cooperation in the Electric Power Industry. According to the memorandum, InterRao was able to acquire acquired a 100% interest in JSC Khramesi I and JSC Khramesi II and paid US$ 104 million (RUB 2,909 million). In September 2011, InterRAO obtained a US$ 74 million from ING Bank which will be used to finance the closing phase of the acquisition of the two plants. The loan matures on September 23, 2016. InterRAO reiterated their interest to expand Khrami HPP1 and HPP2 by building three additional downriver hydro power plants with a total capacity of 90-100MW which is to be built no later than September 2015.For this purpose InterRAO established a subsidiary, Khramesi 3 LLC, which would be the company responsible for the construction of the above mentioned hydro plants. Prior to 2011, InterRAO had a management and lease contract (project id 2498) with these two hydro plants starting in 2003