Turboatom to rebuild turbine unit at Kremenchuk HPP

Turboatom (TATM) is due to rebuild a turbine unit for the Kremenchuk hydroelectric power plant by 2011, Interfax reported on Friday. The upgrades will increase the power, efficiency and operating life of the unit. In June the Kremenchuk HPP put into operation a turbine at its station #2 that was reconstructed by Turboatom. Yegor Samusenko: The modernization of Ukraine’s hydroelectric power plants is a long-term source of revenue for Turboatom, and is expected to continue to be so until at least 2013. Currently it brings in close to ~10% of Turboatom’s revenues, according to our estimates, and its financing is secured, despite the state budget deficit, due to projects with the European Bank for Reconstruction and Development.