January 17, 2013 14:48
VTB extends 8 bln rubles in credits to two ES Vostok companies
MOSCOW. Jan 17 (Interfax) - The group VTB (RTS: VTBR) has extended two credits of almost 8 billion rubles to OJSC RAO ES Vostok subsidiaries OJSC Far East Generating Company and OJSC Sakhalinenergo (RTS: SLEN), a statement issued by the bank says.
Far East Generating Company has received a credit of 7 billion rubles for three years and Sakhalinenergo one for 700 million rubles also for three years.
The funds will be used to support ongoing company activities, the press release says.
The guarantor for both credits is OJSC RusHydro (RTS: HYDR), which operates the majority of Russia's hydroelectric power plants.
Far East Generating Company manages Far East power utilities. It includes OJSC DRSK, OJSC DGK (RTS: DVGC), OJSC DEK (RTS: DVEC), OJSC AK Yakutskenergo (RTS: YAEN), OJSC Magadanenergo (RTS: MAGE), OJSC Kamchatskenergo (RTS: KCHE), OJSC Sakhalinenergo, OJSC Peredvizhnaya Energetika (RTS: PREN), and a number of non-core companies.
The outfits making up ES Vostok have installed generating capacity of 9,087 mWt of power and 17,892 gCal/hour of thermal energy, and total power grid of more than 102,000 kilometers. RusHydro owns 69.3% of ES Vostok.
Far East Generating Company is controlled by ES Vostok via wholly owned subsidiary OJSC DEK. Installed power capacity is 5,865 mWt and heat-generating capacity is 12,585 gCal/hour. The company encompasses power facilities in Amur Region and Jewish Autonomous District, Khabarovsk and Primorye Territories, and in the south of the Republic of Sakha (Yakutia).
Sakhalinenergo is the largest guaranteeing supplier of electric power in Sakhalin Region. ES Vostok holds 49% of the company.
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