20 Nov 2020 19:21

Inter RAO entity to allocate up to 64.2 bln rubles for gas turbine localization project in Russia

MOSCOW. Nov 20 (Interfax) - JSC Inter RAO Electric Power Plants will extend funds in the amount of up to 64.2 billion rubles to another Inter RAO( MOEX: IRAO) subsidiary - RAO Intertech B.V. - as part of a project for development of localization in Russia of large-capacity turbines under license from General Electric, Inter RAO said in a statement.

The total volume all requests for use of the loan cannot exceed about 175.027 million euros. The maximum price of the contract, including interest, is estimated at 64.24 billion rubles.

The company disclosed data on the loan in a series of interrelated transactions "as part of a project to expand long-term cooperation between Inter RAO and GE based on the basis of RGT LLC, aimed at localizing the production and servicing of large and medium-capacity gas turbines in Russia.