Russian billionaire eyes Hydro-Qubec partnership

A billionaire Russian industrialist wants to team up with Hydro-Qubec to develop international power projects.

Oleg Deripaska is visiting Canada next week to meet with executives of the world's biggest hydro electric utility.

Deripaska is the chief executive officer of the diversified Russian industrial group Basic Element.

Through a Basic Element subsidiary called En+ Group, Deripaska controls EuroSibEnergo, Russia's biggest privately owned power producer.

In an interview with the Globe and Mail, Deripaska said his goal is to form a partnership to build hydro plants in the developing world.

He told the Globe that Hydro-Qubec has the knowledge and expertise to build new plants.

"It's always better to share with a knowledgeable partner, in my view, especially in a green field operation," he said. "We know some things, they know some things."

EuroSibEnergo and Hydro-Qubec have been holding exploratory talks for months about joint development of overseas projects.

Deripaska would not provide details on the talks and Hydro-Qubec would not comment.