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VTB and the Moscow Government carry out a major project on power substations to be built in the capital

23 April 2008

The ceremony of Grach power substation inauguration took place on 23 April 2008, where Mr. Piotr Birioukov, First Deputy Mayor of Moscow, and Gennady Soldatenkov, VTB Deputy Chairman, attended. The substation was built with a view to be connected to blocks of flats within Scherbinka residential area intended for Russian military men.

The project by Energy Complex company is part of the municipal power supply modernisation programme of the city of Moscow, and the substation construction was its first stage. VTB finances the project by 100% subject to the Cooperation Programme between the Bank and the Moscow Government for 2006-2008. VTB-Capital Moscow will be in charge of technical and financial supervision of the project.

This project envisages 40 billion roubles of funding by VTB to Energy Complex company within the next 6 years. At present, construction of power substations such as Grach, Marfino, Nikulino, Yashino, Novo-Orekhovo and Meschanskaya are being financed.

«VTB is one of the few Russian banks able to ensure funding to the extent needed to carry out such large-scale infrastructure projects. VTB involvement in the project provides solid financial guarantees for power supply facilities which are essential for the municipal economy and it is another example of a successful public private partnership towards implementation of socially vital programmes”, said Mr. Soldatenkov.

This power supply project by Energy Complex company is the largest ever in Russia with a commercial bank involvement. Three more high-voltage power substations are to be completed in the near future.

For reference:

Grach power substation of 110/20 kV and 2х80 МVА will provide electricity to about 1.2 million square metres of housing for more than 30,000 people. It is the first one which started operations on 12 January 2008, out of 14 substations by Energy Complex company. As this substation is vitally important for the city, it is under permanent supervision of the Moscow Government.

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