On Signing Credit Agreement between Vnesheconombank and the First Generating Company of the Wholesale Electricity Market

State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ and the First Generating Company of the Wholesale Electricity Market (OJSC WGC-1) signed a Credit Agreement worth 1.3 billion rubles for a period of 5 years.

The funds are intended for financing the final stage of the project to upgrade power unit N 3 of the Kashira Hydroelectric Power Station with a capacity of 330MW in the city of Kashira (the Moscow region) implemented by OJSC WGC-1.

The project is being implemented within the General Scheme for Placing Power Facilities until 2020 approved by the Russian Government’s order that provides for electrical supply of 2 billion kilowatt-hours.

The technical upgrade of the power unit would make it possible to drastically reduce electric power deficit and boost electric power security in the region within the Russian unified power system and help create new jobs.

Under the Memorandum on Vnesheconombank’s Financial policies, the development of power infrastructure is one of top-priority lines of Vnesheconombank’s investment activity.

Origin: Press Office of Vnesheconombank
Contact person: Ekaterina Karasina
Phone: +7 (495) 608-46-93, Fax: +7 (499) 975-21-34
E-mail: presss@veb.ru

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