The BOD of the European Bank for Reconstruction and Development (EBRD) has taken a decision to grant a loan of some RUB 6.3 bn to HydroOGK, as the Company informs.

The loan consists of two parts; the first part will be given from the EBRD's own funds for a 14-year period, and the second one will be granted by a syndicate of commercial banks organized by the EBRD, for a period of 8-10 years. The percentage rate is planned at most MOSPRIME + 3.65%. The loan will be secured by Kamskaya HPP OJSC, the Cascade of Verkhnevolzhskie HPPs OJSC, Nizhegorodskaya HPP OJSC, and Saratovskaya HPP OJSC.

HydroOGK plans to direct the raised funds to modernize the Volga-Kama Cascade that belongs to HydroOGK.

The EBRD's decision was preceded by an ecological audit of the hydro-electric plants.

The signing of the loan agreement is scheduled for September.

"AK&M", 26/07/2006 14:03