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VTB enhances cooperation with OGK-5

7 April 2009

Striving to develop cooperation with Russian enterprises of electric power industry, JSC VTB Bank has set a RUB 2.5 billion to JSC The Fifth Power Generation Company of the wholesale market (OGK-5) for a period up to 2012.  
The limit will allow the company to use a wide range of VTB opportunities for financing current needs through various instruments accepted in the international banking practice. In particular, the limit envisages lending in order to replenish working capital, as well as to repair and modernize fixed assets. Besides, the Bank will provide OGK-5 with settlement and cash services, and a number of specialized bank products such as Customer Settlement Centre and Electronic Banking, meeting the demand of companies having multibranch and holding structure.   

VTB considers lending to OGK-5, a backbone Russian enterprises, as a further step to enhance sustainable development of electric power enterprises in Russia.     

For reference:
JSC OGK-5 was registered in Yekaterinburg on 27 October 2004. Since 26 December 2009, it has been among the list of backbone enterprises of Russia. Its production branches are Konakovskaya GRES, Nevinnomysskaya GRES, Sredneuralskaya GRES, Reftinskaya GRES. The installed capacity of the company is 8,672 MW for power and 2,412 GCal/h for heat.     
The share capital of JSC OGK-5 is RUB 35,371,898,370 and is divided into ordinary shares with the par value of RUB 1. The stake of the Federal Agency for Federal Property Management in the share capital of the company is 26.43%, the stake of Enel Investment Holding B.V. - 55.86%, the stake of minority shareholders (including EBRD) - 17.71%. OGK-5's shares are listed in Quotation List A1 of MICEX and Quotation List A1 of RTS.
OGK-5 investment program stipulates construction and installation in 2010 of modern steam gas energy units PGU-5 with the efficiency of over 57% in the plants located in the regions with increasing demand for electric power such as Nevinnomysskaya GRES (Unit 14) and Sredneuralskaya GRES (Unit 12).
Introduction of new steam gas energy units with specific fuel consumption of about 215  g/kWh  (specific fuel consumption of steam power energy units is at least 320  g/kWh) will allow both strengthening the company's presence in the electric power market, and creating the necessary stock of generating capacities to modernize the equipment of the existing power plants.

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