RusHydro Secures Financing from EBRD
OREANDA-NEWS. JSC RusHydro (ticker symbol: MOEX, LSE: HYDR; OTCQX: RSHYY) announces that European Bank for Reconstruction and Development (EBRD) will provide a 12-year loan facility to RusHydro in the amount of RUR 4.4 bn to finance reconstruction and modernization of power infrastructure in the Far East of Russia, suffered from massive floods in 2013 caused by ample rainfalls.
The loan will be used to reschedule the current debt of Far Eastern distribution company (DRSK), part of RAO ES of East holding, and support the company's large-scale program providing for modernization of a grid system aimed to reduce electricity losses as well as improve quality and reliability of power supply in the region.
Far Eastern distribution company (DRSK) provides electricity transmission services through grid system of Primorsky, Khabarovsy regions, Amur Oblast, Jewish Autonomous Oblast and the South Yakutia.
RusHydro's strategy of energy development in the Far East includes the replacement of economically inefficient capacities with effective power generation through incorporation of hydro and thermal generation; signing direct contracts with consumers of both existing and generation assets under construction; realization of electricity export opportunities to neighboring countries and implementation of investment projects using public-private partnership tools and project financing.