UPDATE 1-RusHydro expects $200 mln from insurers for dam
* Insured by unit of Germany's Alliance, Munich Re
* Firm may need to issue more shares to fund repairs
* Sees cost of idling the plant at 16.5 bln rbls by 2013
* Sberbank gives RusHydro 20 bln rouble loan
(Adds details, background, closing stock price)
By Anastasia Lyrchikova
MOSCOW, Aug 25 (Reuters) - Russian hydroelectricity producer RusHydro (HYDR.MM) expects to get $200 million in insurance payments for last week's dam accident but may need to issue more shares to help pay for the rest, it said on Tuesday.
The accident killed at least 71 people and destroyed three of the 10 power generating units at the Sayano-Shushenskaya power station in Siberia, the company said.
RusHydro shares closed down 5.8 percent in Moscow, underperforming the broader MICEX index , which was down 0.4 percent for the day. In London RusHydro shares fell 6.7 percent (HYDRq.L).
RusHydro has been forced to shut the entire power station down for repairs and its executives said during a conference call on Tuesday that losses from the stoppage of the plant could reach 16.5 billion roubles by 2013.
The dam was insured by Rosno, part of Germany's Allianz (ALVG.DE), and re-insured with other global insurers such as Munich Re (MUVGn.DE), executives told the conference call.
RusHydro executives also said they did not rule out holding moderately sized share placements to raise more funds.
Separately Russia's largest lender Sberbank SBER03.MM said it would lend RusHydro 20 billion roubles to help it repair the power station.
The loan would be given at low rates and the first 10 billion rouble credit line would be opened before the end of the year, the government, which controls Sberbank, said in a statement.
A surge of water flooded a turbine room at the hydroelectric dam in eastern Siberia on Aug. 17.
RusHydro said on Tuesday 71 workers had been killed and four more were still missing. Repairing the dam will take three years, the company said, and analysts have estimated repair costs at around 40 billion roubles. (Writing by Dmitry Zhdannikov; Editing by Simon Shuster and David Holmes) ($1=31.55 Rouble)
- Tweet this
- Share this
- Digg this