Inter RAO not planning add'l issue to fund HPP in Kyrgyzstan - top manager
MOSCOW. April 15 (Interfax) - Russian energy company Inter RAO UES is not planning on placing an additional issue to generate funds to finance the first Kambarata Hydro-Electric Power Plant (HPP) in Kyrgyzstan, the company's Strategic Director Yevgeny Miroshnichenko said during a conference call.
Management board member Ilnar Mirsiyapov added that so long as the question of how the Kyrgyz project will be financed is unanswered, the issue of selling 40% of OJSC Irkutskenergo "will be at a standstill."
Inter RAO has yet to reach a consensus with the federal authorities on how to spend the proceeds from the sale of Irkutskenergo shares, Mirsiyapov said. In the company's view, it would be best to use the earnings for the projects in its investment program in Russia.
This year, Inter RAO's investment program is valued at 70 billion rubles.
Closer to the end of 2013, the company forecasts a financing shortage for its investment program at roughly 30 billion rubles, Mirsiyapov said.
Earlier, one of the potential scenarios under consideration for recapitalizing Inter RAO was to place an additional issue worth 60 billion rubles in favor of Rosneftegaz.
