VTB Bank has signed two loan agreements to lend RUB 1.1 billion over two years to Murmansk Heat and Power Plant, a subsidiary of utility company TGC-1. The funds will be used to finance the company’s operations.
“VTB works closely with companies in the energy sector, which have long made up a large portion of the bank’s loan portfolio,” said Denis Bortnikov, a member of VTB Management Board. “We have worked with Murmansk HPP for more than five years, providing a full range of financial services to ensure smooth and uninterrupted operations, which are essential for a combined heat and power plant that is a major supplier of heat and electricity to the households in the Polar region.”
The Murmanskaya combined heat and power plant is the largest heat supplier in Murmansk. It was built as part of the nation-wide electrification plan and began operation in 1934. The station supplies heat to 75% of consumers in the city. It runs on fuel oil, with an installed heat capacity of 1,122 Gcal/h.