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VTB provides financing to Teploenergo

26 December 2012

VTB provides financing to Teploenergo.

VTB Bank has extended a two-year RUB 500 million credit line to the Teploenergo utility company, after winning a bid announced by the company.

The funds will finance the company’s operation.

“VTB’s involvement in financing Teploenergo’s operations will enable the company to implement major project to more quickly modernise and upgrade its utility infrastructure and facilities, and to improve the quality of their services,” said Member of VTB Bank Management Board Valery Lukyanenko.

Teploenergo is the main supplier of heat in the city of Nizhny Novgorod, with a natural monopoly status. It accounts for 70% of heating and hot water services provided to local households and companies. The Nizhny Novgorod government is the sole shareholder of Teploenergo.

VTB Bank, lending

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