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.
The information in this press release may contain projections or other forward-looking statements regarding future events or the future financial performance of RusHydro. You 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, rapid technological and market change in our industries, as well as many other risks specifically related to RusHydro and its operations.
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