The Bank of Moscow has opened a letter of credit to a sum of 85.9 million Euros on the instructions of JSC E4 Group

Photo: General Director of the Bank of Moscow Department for Corporate and Investment Business Igor Dubonosov

The Bank of Moscow has opened a letter of credit to the sum of 85.9 million Euros in favour of the German company Siemens for delivery of equipment to JSC E4 Group, which is the Engineering Procurement and Construction contractor for construction of two gas vapour power generating unity with a unit capacity of 400 MW each at the Stavropolskaya State District Power Station (GRES).

The first and second power generating units will be delivered in February and March 2010, respectively and will be started up at 12 month intervals.

"The transaction for acquiring equipment for JSC Å 4 Group constitutes part of the structure of the financing offered by the Bank of Moscow for implementation of the construction project for new capacity at the Stavropolskaya GRES", says the General Director of the Bank of Moscow Department for Corporate and Investment Business Igor Dubonosov. "A comprehensive approach to organising the financing of power facilities is the only possible way of ensuring efficient construction and time schedule compliance."

According to the Deputy General Director for Economics and Finances of JSC E4 Group Maxim Shmakov, at the current stage of implementation of the investment programme of RAO UES of Russia, financing organised under a contract with JSC OGK-2 with the participation of the Bank of Moscow is one of the biggest transactions of its type. "This testifies to confidence in the Bank, confirms the reliability of JSC E4 Group as a borrower and the General Contractor", Maxim Shmakov comments. "For our company, this is the fist letter of credit for such a sum. Previously, letters of credit were opened in favour of GE, but for a significantly smaller sum".

Information about JSC E4 Group:

JSC E4 Group is the leading engineering company in the country, using the most advanced technology and applying modern quality standards. The company’s order portfolio currently includes 7 EPC (M) contracts and its projects in hand total over 350 in number. The company’s productive assets are located in 25 regions and in all the federal areas of the Russian Federation and its staff of highly qualified specialists numbers over 18 000.

Center of public relations, Bank of Moscow
(495) 624-74-40
pr@mmbank.ru

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