Bank of Moscow Provides RUR 805.6 mln Guarantee to Power Machines
OREANDA-NEWS. October 29, 2008. The Bank of Moscow has provided a bank guarantee to ОАО Power Machines to the sum of 805.6 million roubles. The guarantee secures the obligations of ОАО Power Machines under an agreement for supply of turbines, turbo-generators and auxiliary equipment for construction of power unit No. 2 of Kaliningrad TPP-2. The agreement is worth over 4 billion roubles.
Erection of the second power unit is a priority project in the sphere of increasing the generating capacity of the country’s north-western region. Start-up of the second power unit is planned for the end of 2010 and, on completion of construction, the aggregate capacity of TPP-2 will double to reach 900 MW.
"Provision of the given guarantee in the interests of ОАО Power Machines is a further step in developing partnership relations and increasing the volume of the company’s business serviced through the Bank of Moscow", notes Sergei Matyukh, General Director of the Department for Corporate and Investment Business of the Bank of Moscow. "By co-operating with ОАО Power Machines since 1999, the Bank of Moscow has been participating in support for the company’s Russian and overseas projects and providing the client with the entire range of credit and documentary products."
Information about ОАО Power Machines: the company Power Machines is the leading Russian producer and supplier of comprehensive solutions in the sphere of power machine-building, including engineering, production, delivery, installation, servicing and modernisation of equipment for thermal, nuclear, hydro-electric and gas-turbine electric power stations.
Power Machines was incorporated in 2000, combining the technological, production and intellectual resources of the world-famous Russian enterprises Leningrad Metal Works (1857), Elektrosila (1898), Turbine Vane Plant (1964), Kaluga Turbine Works (1946), NPO TsKTI (1927), Energomashexport (1966), as well as ООО Power Machines — Rheostat Plant (1960). Equipment produced by the Power Machines enterprises has been installed in 57 countries. The company’s shares are trade on the RTS.