VTB and CJSC INTER RAO UES have signed a cooperation agreement aimed at setting and developing long-term mutually rewarding partnership in implementing international energy projects.
For VTB the Agreement was signed by Andrey Kostin, Chairman and CEO, for CJSC INTER RAO UES - by Evgeny Dod, General Director.
Under the Agreement, CJSC INTER RAO UES will attract VTB as a major credit institution in the sphere of bank servicing. In addition to standard services VTB will take part in financing INTER RAO UES current activity and its investment projects, including those with funds to be raised from foreign financial institutions. It will also act as a priority partner in arranging loans in domestic and international markets.
Today, VTB and INTER RAO UES consider the opportunity of the Bank's and its subsidiaries' participation in financing investment projects of the company, in particular, current energy objects modernization and building new ones in Russia and abroad.
CJSC INTER RAO UES is dynamically developing and vertically-integrated power supplier, which controls a large number of energy assets in Russia and abroad. Total plant output controlled by the company amounts to 8000 megawatt.
Today, INTER RAO UES takes leadership positions among more than 20 companies operating on the territory of 14 countries. The company is actively engaged in investment activity and holds leading positions in Russia in the export and import of electric power.
Acquisition of foreign holdings allows INTER RAO UES to significantly strengthen its positions in attractive energy markets of the countries in Europe, Transcaucasia, the Far East and Central Asia that contributes to the Russian economy development.
The company consistently implements the Russian strategy on reforming the electric power industry by rising the profitability of trading operations and also by enhancing the market and its activities. INTER RAO UES represents the interests of OJSC RAO UES of Russia and FSUE Concern Rosenergoatom, two largest participants of the Russian energy sector holding 60% and 40% of assets, accordingly.