Moscow, 22 December 2008. As part of the visit to Russia by Daniel Ortega, President of the Republic of Nicaragua, OJSC INTER RAO UES and the Ministry of Energy and Mines of the Republic of Nicaragua signed an Agreement of Intent to develop generation facilities. For the Republic of Nicaragua the document was signed by Ernesto Martinez Tiffer, Plenipotentiary Representative of the Government of the Republic of Nicaragua, for OJSC INTER RAO UES by Evgeniy Dod, Chairman of the Management Board.

The Agreement becomes effective upon its signing and will remain in effect until December 31, 2011 with a renewal option. 

The document confirms the interest of the parties in the development and implementation of hydro and geothermal power projects, as well as other projects in the power sector of Nicaragua. A list of focal areas has already been set forth in the agreement.

The Nicaraguan side will shortly provide OJSC INTER RAO UES with technical documentation necessary to organize work on projects. The parties have allocated 6 months for the preparatory stage.

The facilities completed, the electric power generated will be distributed both in the domestic market of the Republic of Nicaragua and elsewhere in Central America.