4 September 2014
VTB Bank has extended a three-year RUB 8 billion loan facility to the Moscow United Electric Grid Company ("MOESK") to finance its ongoing operations and investments. Specifically, the funds will be used for upgrades and routine repairs to the company’s power grid facilities and for building new facilities. This, in turn, should help to increase the reliability and quality of power supply in the Moscow Region. The bank has now provided a total of RUB 10 billion in financing to the company to date.
"MOESK has always been a loyal and reliable borrower from VTB," said Yuri Soloviev, First Deputy President and Chairman of VTB Bank Management Board. "We have a long track record of cooperation with MOESK, and we are pleased to be able to help the company develop and to realize its full potential."
"In a volatile financial market, it is essential to choose reliable financial partners that are ready for long-term cooperation," MOESK Director of Finance, Economics, and Corporate Governance Alexander Inozemtsev said. "We greatly appreciate VTB’s positive assessment of the strength of our business, and hope to be able to develop our cooperation further for the benefit of both VTB and MOESK."
Moscow United Electric Grid Company (Moesk) is part of the Russian Grids holding company and one of the largest distribution grid operators in Russia. The company is active in power transmission services and technological connection of new consumers to power grids in Moscow and the Moscow Region.
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