VTB Factoring and Gazprom Energoholding have completed a factoring transaction worth RUB 13 billion.
The subject of the transaction was a debt owed by Inter RAO to Mezhregionenergostroy, a Gazprom Group company, following completion by Mezhregionenergostroy of construction work on the second unit at Kaliningrad TEZ-2 combined heat and power plant and the plant’s subsequent transfer to Inter RAO.
The transaction was structured in two months. The debtor is Inter RAO Capital (a subsidiary of Inter RAO). VTB Factoring has provided Mezhregionenergostroy with financing of 100% of the assigned receivable without recourse.
“This is Gazprom Energoholding’s first experience of using factoring. The speed at which the transaction was completed was really impressive, and we hope that factoring solutions will be useful for companies in our group in future,” said Evgeny Zemlyanoy, Deputy General Director for Economics and Finance at Gazprom Energoholding.
"Factoring is a very important product for VTB Group that targets large corporate business. Transaction with a leading Russian group is the best proof of our success. I am sure that our future cooperation with Gazprom will be productive and effective".
First Deputy President and Chairman of VTB Bank Management Board
VTB Factoring CEO