OREANDA-NEWS. September 29, 2010. State Corporation’ Bank for Development and Foreign Economic Affairs (Vnesheconombank)’, OJSC INTER RAO EUS and VEB-Leasing signed a Memorandum on Cooperation in implementing projects aimed at constructing power engineering facilities on the basis of Russian-made gas turbine power units.

On behalf of Vnesheconombank the Memorandum was signed by Management Board Member-Vnesheconombank Deputy Chairman Anatoly Ballo, on behalf of OJSC INTER RAO EUS - by its Board Chairman Boris Kovalchuk and on behalf of OJSC VEB-Leasing - by its Director General Vyacheslav Solovjev.

Under the Memorandum, OJSC INTER RAO EUS together with GENERAL ELECTRIC and State Corporation Rostechnologies plan to establish a joint venture, which is to manufacture, assembly, test and market gas turbine power units with a rated capacity of 75 MW. A gas turbine assembly plant is to be located on the territory of the Russian Federation.

In order to promote relations in the field of joint implementation of investment projects in the power engineering, Vnesheconombank is expected to conduct expert examination of projects and, in the case that the Bank’s corporate bodies make positive decisions on the results of expert examination, finance them.

The parties plan that a total amount of projects’ financing will be from 2 to 9 billion euros in the period of 2011-2018.

The Memorandum provides for OJSC VEB-Leasing to participate as a leasing company in implementing joint projects aimed at manufacturing gas turbine power units and package units for power engineering facilities on the basis of gas turbine power units.

The parties described their cooperation in financing the said projects as a high-priority objective ad a top-priority line of cooperation at the present stage.

INTER RAO UES is a dynamically growing power engineering company responsible for controlling a number of generation and distribution power engineering assets in Russia and abroad. The total installed capacity of electric power stations of INTER RAO UES is about 18000 MW. The company is undertaking an active investment activity and is a leading company in Russia in the field of export-import of electricity. It is one of the largest generation company in Russia.

OJSC VEB-Leasing has been operating on the Russian market since 2003 and is among Russia’s largest leasing companies. According to the leasing companies rating prepared by RA Expert for 2009, OJSC VEB-Leasing took first place by the amount of new business and was among three largest Russia’s leasing companies by the amount of leasing portfolio. State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ is OJSC VEB-Leasing’s principal shareholder. Fitch Ratings assigned an international credit rating of BBB with positive outlook to OJSC VEB-Leasing.