BEIJING, May 9 (Xinhua) -- China Three Gorges Corporation and Russia's hydropower company RusHydro have signed an agreement to jointly develop a hydropower project in Russia.

In a preliminary agreement signed in Moscow on Friday, the two sides plan to set up a joint venture for building a hydropower plant on the Bureya river in Russia's Far East, said a statement issued by China Three Gorges Corporation on Saturday.

The project with a designed installed capacity of 320 mw will help strengthen flood controls in the region, and the electricity generated by the project can be sent back to China, said the statement.

The agreement was signed during Chinese President Xi Jinping's visit to Russia. Xi arrived in Moscow earlier Friday to attend a series of events to mark the 70th anniversary of the victory of the Great Patriotic War, Russia's term for WWII.