RusHydro Secures Financing from UniCredit Bank Austria
JSC RusHydro (ticker symbol: MICEX, LSE: HYDR; OTCQX: RSHYY) announces that it has signed the 15-year loan facility in the amount of about EUR 130 million with UniCredit Bank Austria. The agreement was signed on behalf of RusHydro by Konstantin Bessmertniy, a member of the Management Board, and on behalf of UniCredit Bank Austria by Florence Werdisheim, Managing Director and Georg Karner, Director.
The facility will be raised for overhaul of Saratovskaya HPP under the contract with Voith Hydro concluded on June 2011.
RusHydro and Voith Hydro plan to perform an overall modernization of vertical Kaplan hydropower turbines of the Saratovskaya HPP within 10 years. The focus will be on environmentally sound and fish-friendly technologies.
Konstantin Bessmertniy, a member of RusHydro's Management Board, commented: «The ECA backed facility from UniCredit Bank Austria on very attractive terms will let the company finance this important Saratovskaya HPP rehabilitation project, and we look forward to develop further relationship with UniCredit Bank Austria».
Angelo Rizzuti, Global Head Structured Trade and Export Finance, commented: «Unicredit Bank Austria is very proud to finance this important project in the energy sector. The financing of the modernization of the hydro power plant Saratovskaya makes an important contribution towards ensuring environmental sustainability. We are looking forward to a continued cooperation with RusHydro in the near future».
The Board of Directors meeting held on November 30, 2011 approved the raising of debt from UniCredit Bank Austria with the guarantee from export credit agency Oesterreichische Kontrollbank AG (OeKB). UniCredit Bank Austria will make use of funding within OeKB's Export Financing Scheme.
UniCredit is a leading European bank with strong roots in 22 countries. Our overall global network embraces approximately 50 markets, with over 9,500 branches and more than 160.00 employees (as of 30 September 2011).
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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