10 Aug 2009 15:02

TGK-13, EBRD sign $75 mln loan agreement

MOSCOW. Aug 10 (Interfax) - Russian generating company TGK-13 has signed the agreement for a $75-million loan from the European Bank for Reconstruction and Development (EBRD) to finance construction of new power units at the Krasnoyarsk-3 combined heat and power plant, EBRD representative Richard Wallace told Interfax.

TGK-13 parent company Siberian Coal Energy Company (SUEK) is the loan guarantor.

The EBRD loan will make it possible to implement one of the group's biggest projects in the electricity sector, SUEK's deputy general director for electricity and mergers and acquisitions, Sergei Mironesetsky, said.

The up-to-date units will reduce pollution by 14%.

It was reported earlier that the EBRD approved the loan at the end of July.

The investment program provides for construction of two coal-fired power blocks at Krasnoyarsk-3, each with capacity to generate 185 megawatts of electricity and 270 Gcal/hr of heat. They should be launched in 2009 and 2011. The new blocks will replace existing, less efficient blocks at Krasnoyarsk-1.

The entire project will cost an estimated 8.2 billion rubles.

Company officials have warned previously that the project costs might multiply several fold. The project is less than half completed, while the funds earmarked for it have already been spent.

TGK-13 was formed on December 31, 2006 from the merger of Krasnoyarsk Generation with OJSC TGK-13. The company includes seven combined heat and power plants (Krasnoyarsk-1, -2 and -3, Minusinskaya, Kanskaya, Sosnovoborskaya and Abakanskaya), Nazarovskaya district electricity station (GRES) and Krasnoyarsk Heat Grid.