Gazprombank will provide banking support for RusHydro’s investment projects in the Far East
October 13, 2022, Moscow, Russia. PJSC RusHydro (ticker symbol: MOEX, LSE: HYDR; OTCQX: RSHYY) and Gazprombank signed an agreement at the Russian Energy Week International Forum in Moscow to implement innovative financial services to support RusHydro Group’s investment projects in the Far East.
Within the scope of the agreement, Gazprombank will provide banking support to the Company’s investment projects by monitoring and controlling investment cash flows among the project’s parties. Vladivostokskaya CHPP-2 will be the first facility where such services will take place. Modernization of the power plant provides for replacement of three generating units, three boilers and other pieces of equipment. Upon completion, the facility electric and heat installed capacity will increase from 283 MW to 360MW and 506 GCal/h to 570 GCal/h respectively.
RusHydro and Gazprombank have a long-term partnership history. The bank has participated multiple times in RusHydro’s debt placement including the Company’s debut Eurobond placement in Chinese yuan. It has financed the Group’s investment projects, including social-economic development of the Magadan region. Its representatives have served on RusHydro’s Board of Directors as well.
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