Izhora Transformers LLC, a joint venture (JV) between Power Machines OJSC and Toshiba Corporation, has been officially established.

The JV, in which Power Machines holds a 50.01 per cent share and Toshiba the remainder (49.99 per cent), will manufacture and supply power transformers to the Russian market.

In September last year, Power Machines and Toshiba signed an agreement to create the joint venture, which also includes the construction of a high-voltage equipment plant – a total investment of 5bn rubles ($169m).

The 22,000 m3 plant is scheduled to enter operation by the end of 2013, with serial production beginning in 2014.

Russia’s Federal Grid Company of Unified Energy System OJSC will be the main purchaser of the equipment, with potential consumers including RusHydro OJSC and Rosatom State Corporation, as well as operators of power networks in the CIS and Baltic countries.

Izhora Transformers’ product range will comprise power transformers ranging from 110 kV to 750 kV and capacities from 25 MVA to 630 MVA.

For more power business news