VTB Bank and RAO Energy Systems of East (RAO ES of East, a RusHydro group company) have signed a RUB 6.6-billion loan agreement for up to 12 years.
The money will be used to finance the construction of offsite infrastructure at the Yakutskaya GRES-2 district power station under a state programme for project financing.
VTB Bank and RusHydro have signed a surety agreement to guarantee repayment of the loan.
“Co-financing infrastructure projects is one of VTB Bank’s priorities. This loan will enable RusHydro, with whom we have worked for years, to continue to implement energy projects in the Russian Far East,” said Yuri Soloviev, First Deputy President and Chairman of VTB Bank Management Board.
RosHydro is one of Russia’s major energy holdings, uniting over 70 renewable energy facilities in Russia and beyond. The installed capacity of its electric power plants is 38.5 GW, including the RAO Energy Systems of the East and Russia’s newest and most modern hydroelectric power plant Boguchanskaya.
RusHydro is Russia’s leader in the production of renewable energy. It generates electricity from rivers, tides, wind and geo-thermal resources.
RAO Energy Systems of East is a group of companies created to manage energy companies in the Far Eastern Federal District that provide electricity and thermal energy in the district and neighbouring territories. Its largest shareholder is RusHydro.
The Yakutskaya GRES-2 district power station (first phase) is one of RusHydro’s four projects to build new energy facilities in the Russian Far East under a presidential executive order. The capacity of the first phase of the new power station will be 193 MW with a thermal output of 469 Gcal. The new plant will replace the Yakutskaya GRES station’s retired capacities, create a capacity margin and improve electricity distribution to consumers.