18 Aug 2009 14:29

Lenenergo plans to raise 3 bln rubles in loan facilities

ST. PETERSBURG. Aug 18 (Interfax) - OJSC Lenenergo has announced a tender for raising three loan facilities worth a total of 3 billion rubles, the company said in its materials.

The tend will be held in three lots, each for an open loan facility worth 1 billion rubles repayable in two years. The tender's results will be tallied on September 16.

A company spokesperson told Interfax that the funds would be earmarked to finance the 2009 investment program.

Lenenergo is the largest regional grid company in northwestern Russia. The company services an area of 87,100 square kilometers with a population of over 6 million people. The company's grid complex consists of 38,800 km of overhead power cables, 16,000 km of underground cables and over 13,800 substations.

IDGC Holding owns 50.31% of the company's shares, while the St. Petersburg administration owns 25.16%.