Reconstruction at the Baksan Hydropower Plant in Russia's North Caucasus republic of Kabardino-Balkaria will be completed in less than three years, the head of the RusHydro company operating the plant said on Thursday.

"The plant will be renewed within two to two and a half years," Yevgeny Dod said.

A group of up to gunmen detonated four bombs and killed two security guards in the plant on Wednesday. The blaze from the blast covered an area of 250 sq meters.

Before the attack, reconstruction of the plant had been scheduled to start in 2014. The plant, which was built in 1939, produces about 20% of the energy consumed in the republic.

Plant head Ali Sattaev said two hydro units had been damaged as a result of the blasts. However, a RusHydro spokesman said energy supplies to Kabardino-Balkaria would not be affected.

Russian Deputy Prime Minister Igor Sechin said on Thursday that the reconstruction of the plant would cost 1.5 billion rubles ($49 million).

Some experts say the attack was a "rehearsal" that could be followed by other similar attacks on infrastructure facilities.

A source in the local law enforcement authorities claimed earlier on Thursday that the attackers were well-trained militants. The Russian Federal Security Service said the gang's leader had been identified.

NALCHIK, July 22 (RIA Novosti)