RusHydro secures RUR 4 bn from the European Investment Bank for construction of the Vostochnaya TPP
May 13 2013 - 11:19AM
OTC Markets
RusHydro secures RUR 4 bn from the European Investment
Bank for construction of the Vostochnaya TPP
JSC RusHydro (MICEX-RTS, LSE: HYDR; OTCQX: RSHYY),
announces that the Board of Directors of the European Investment
Bank (EIB) approved the 12-year loan facility in the amount of RUR
4 bn to RAO ES of East (subsidiary of RusHydro) to finance the
construction of the Vostochnaya TPP in Vladivostok.
RAO ES of East investment program for 2012-2014
provides for financing of the construction of TPP in total amount
of RUR 10.2 bn. The total electric capacity of the Vostochnaya TPP
will be 139 MW, thermal capacity – 420 Gcal/h.
RusHydro’s strategy of energy development in the Far
East includes the replacement of economically inefficient
capacities with effective power generation through incorporation of
hydro and thermal generation; signing direct contracts with
consumers of both existing and generation assets under
construction; realization of electricity export opportunities to
neighboring countries and implementation of investment projects
using public-private partnership tools and project
financing.
About European Investment
Bank:
The European Investment Bank (EIB) is the long-term
lending institution of the European Union owned by its Member
States. It makes long-term finance available for sound investment
in order to contribute towards EU policy goals. The EIB finances
projects in Russia on the basis of an EU Council and European
Parliament mandate for the Eastern Partner Countries (Armenia,
Azerbaijan, Georgia, Moldova, Russia and Ukraine) of EUR 3.8
billion for the period 2007-2013 to contribute to local private
sector development, the improvement of social and economic
infrastructure, and climate change mitigation and
adaptation.
About
RusHydro:
RusHydro Group is one of Russia’s largest generating
companies. RusHydro is the leading producer of renewable energy in
Russia with over 70 generating facilities in Russia and abroad. The
company also manages a number of R&D, engineering and
electricity retail companies. Group’s thermal assets are operated
by subsidiary – RAO Energy System of East in the Far East of
Russia. Total electricity generation capacity of the Group is 36.5
GW, heat capacity – 16.2 thousand GCal/h.
Russian Federation owns 65.9% in RusHydro, the rest is
held by other institutional and individual shareholders (over
360,000). The company’s stock is traded on the MICEX and RTS stock
exchanges, and included in MSCI EM и MSCI Russia indexes. Company’s
GDRs in the IOB section of LSE, ADRs – in OTCQX.
For more
information:
JSC RusHydro, Investor Relations
Department
Tel. +7 (495)
225-3232
ext. 1319, 1607
ir@rushydro.ru
DISCLAIMER
The information in this press release may contain
projections or other forward-looking statements regarding future
events or the future financial performance of RusHydro. One can
identify forward-looking statements by terms such as "expect,"
"believe," "anticipate," "estimate," "intend," "will," "could,"
"may" or "might," the negative of such terms or other similar
expressions. We wish to caution you that these statements are only
predictions and that actual events or results may differ materially
from these statements.
We do not intend to update these statements to reflect
events and circumstances occurring after the date hereof or to
reflect the occurrence of unanticipated events. Many factors could
cause the actual results to differ materially from those contained
in our projections or forward-looking statements, including, among
others, general economic conditions, our competitive environment,
risks associated with operating in Russia and rapid technological
and market changes in our industries, as well as many other risks
specifically related to RusHydro and its
operations.
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