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VTB Bank participates in Russia’s largest energy projects

13 July 2011

VTB Bank participates in Russia’s largest energy projects.

As part of the support provided to power engineering enterprises VTB Bank acts as an underwriting bank in the construction of power unit No. 3 at the Berezovskaya GRES power plant. The project’s general contractor is CJSC EnergoProekt.

VTB Bank has set a RUB 15.2 billion transaction limit for EnergoProekt, including the Berezovskaya GRES project. In June 2011, as part of the project and under the instructions of EnergoProekt, VTB Bank issued three bank guarantees totally worth RUB 6.5 billion in favor of JSC E.ON Russia (former JSC OGK-4).

Valery Lukyanenko, Member of VTB Bank Management Board, said: “VTB’s participation in the Berezovskaya GRES project is the bank’s next step aimed at securing stable development of the Russian power engineering enterprises. One of VTB’s core business objectives is to support the companies of the domestic real sector of economy”.

For reference:

Construction of power unit No. 3 of Berezovskaya GRES is a part of investment program of JSC E.ON Russia and the largest among the construction projects currently implemented in Russia in terms of unit capacity (800 MW, 130 Gcal). CJSC EnergoProekt will implement the construction project in close cooperation with the client’s technical subdivisions – JSC E.ON Russia, and its main shareholder – German energy concern E.ON. After the construction is finished, the capacity of Berezovskaya GRES will reach 2,400 MW.

CJSC EnergoProekt was established in 1998, but it has already joined the ranks of noticeable players of the power plant engineering sector by having united high class professionals with wealth of experience in the sphere of construction of power sector objects in Russia and abroad. Close cooperation with the parent company- JSC Zarubezhenergoproekt, one of the oldest specialized design institutes – enables CJSC EnergoProekt to provide full range of services – from engineering to commissioning power assets of any degree of complexity and perform EPC contracts.

JSC E.ON Russia – generating company affiliated with E.ON international energy concern. JSC E.ON Russia consolidates five thermal power plants with an overall capacity of 9,073 MW, including Surgutskaya GRES-2, Berezovskaya GRES, Shaturskaya GRES, Smolenskaya GRES and Yaivinskaya GRES. In terms of sales volume E.ON Russia is the largest thermal wholesale generating company in Russia. The investment program of JSC E.ON Russia envisages the construction of combined heat and power plants at Surgutskaya GRES-2, Shaturskaya GRES, and Yaivinskaya GRES, and the completion of construction of the power unit No. 3 of Berezovskaya GRES. The total volume of commissioned capacities is 2,400 MW. The investment program also includes the upgrade of two existing generating units with their capacity increase by 100 MW. The total cost of the investment program amounts to RUB 97 bn. 

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