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VTB lends RUB 2 billion to MOESK

18 December 2013

VTB lends RUB 2 billion to MOESK ©

VTB Bank has issued a five-year RUB 2 billion loan to Moscow United Electric Grid Company (MOESK) as part of a previous loan agreement totalling RUB 10 billion. MOESK will use the funds to finance its investment programme.

VTB has been actively developing its partnership with MOESK since 2012. Besides loan facilities, MOESK also uses the bank’s cash and settlement services.

Yuri Soloviev, First Deputy President and Chairman of VTB Bank’s Management Board, said: "Support for energy companies is one of the bank’s priorities. I hope that mutually beneficial cooperation between VTB Bank and MOESK will not only help the energy company to preserve its solid market position but also to continue to grow and develop."

Moscow United Electric Grid Company (MOESK) focuses on the paid provision of electricity and also connects clients in Moscow and the Moscow Region to the electricity network. MOESK receives electricity from generating companies that operate on the wholesale and retail markets, from the Unified National Electric Grid (UNEG) and from grids in adjacent Russian regions. It then uses its own grids to transfer electricity to end consumers, to adjacent grids (municipal unitary enterprises), to wholesale consumers-resellers and to territorial grids.

The Moscow Region is one of the most rapidly developing areas in Russia, with many housing projects and rapidly growing industries and infrastructure. MOESK is building new energy facilities and upgrading, renovating and repairing existing systems to ensure reliable provision of electricity to consumers.


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