Boguchanskoye Energy and Metallurgical Association (BEMO) is a joint project of Rusal and RusHydro, established in 2006. It includes the 3 GW Boguchanskaya HPP and the Boguchansky Aluminum Smelter, with both parties owning equal shares. Now, Rusal intends to increase its stake using the energy holding's shares owned by the company. As Interfax reports, the CEO of the aluminum giant, Evgeny Nikitin, informed shareholders about this on June 25.
As of March 31, En+ (the parent holding company controlling Rusal)'s share in RusHydro was 9.64%, with a market value of approximately 13 billion rubles. The shares were acquired to influence the investment program and guarantee energy supply to the plants, not for speculation. An alternative option is to buy out stakes in other HPPs that supply Rusal's enterprises in the Irkutsk region and Krasnoyarsk Krai.
Experts surveyed by Euler Analytical Technologies consider a direct exchange for a stake in BEMO as unlikely: RusHydro will not give up a quality asset at an undervalued price, and negotiations in such a configuration have been ongoing for over ten years.
The deal is being discussed against the backdrop of Rusal's $455 million loss for 2025 and a legal dispute with the FAS over inflated aluminum prices for domestic consumers.
Boguchanskaya HPP is a run-of-river hydroelectric power plant on the Angara River with a capacity of 2997 MW. It is located in the Krasnoyarsk Krai near the city of Kodinsk and is one of the five largest HPPs in Russia.
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