RusHydro signs guarantee with EIB
October 02 2013 - 8:08AM
OTC Markets
RusHydro signed guarantee agreement with European
Investment Bank under the loan for construction of the Vostochnaya
TPP
JSC RusHydro (MICEX-RTS, LSE: HYDR; OTCQX: RSHYY),
announces that it has signed a guarantee agreement with European
Investment Bank (EIB) under the 12-year loan facility in amount of
RUB 4 billion provided to RAO ES of East (subsidiary of RusHydro)
earmarked to finance the construction of the Vostochnaya TPP in
Vladivostok.
Konstantin Bessmertniy, Member of the Management Board
of JSC RusHydro: ?Now
RusHydro unwraps a large-scale construction in the Far East.
Construction of the new generation will enhance energy safety of
the region and ensure reliable power supply to consumers. The
support of our projects by major financial institutions, such as
European Investment Bank, is an obvious advantage and an important
security for the successful implementation of RusHydro investment
plans?.
?This loan
will contribute to climate change mitigation, which is a key
priority for the European Union and therefore also one of the key
operational priorities of the EIB,? said Wilhelm Molterer, EIB
Vice-President responsible for lending operations in Russia, adding
that the project also contributes to the implementation of the EU ?
Russia Partnership for Modernisation.
The guarantee agreement between the Company and
European Investment Bank was approved by the Board of Directors of
RusHydro in November 2012.
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.
Sergei Tolstoguzov, General Director of JSC "Energy
Systems of East": "Today
the south of Primorye region faces lack of energy. Construction of
the new station will allow the city to get two independent power
facilities. Vostochnaya TPP input will increase Vladivostok heat
power capacity and
create the necessary provision for electricity and heat. According
to our experts, the station will supply electricity to more than
50,000 apartments and provide heat to more than 600 multi-family
houses. "
RusHydro strategy of energy development in the Far
East includes replacement of economically inefficient capacities
with effective power generation through incorporation of hydro and
thermal generation; signing direct contracts with consumers of both
existing capacities 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.
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 the Russian Federation 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 67.1% 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 ? 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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