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MRSK Holding, VTB to cooperate in modernizing distribution grids

October 06, 2011, 16:09 UTC+3
The overall length of the networks of the operating subsidiaries of the MRSK Holding is more than 2.1 million kilometers
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MOSCOW, October 6 (Itar-Tass) — The MRSK Holding interregional distribution network company and the VTB Bank have signed an agreement on cooperation in modernizing electric power distribution infrastructure.

The document was signed on Thursday within the scope of the "Russia Calling!" investment forum by Nikolai Shvets, MRSK Holding Director General, and Andrei Kostin, VTB President and Chairman of the Management Board.

Within the framework of cooperation, VTB is prepared to consider the possibility of providing credits for interregional and regional electric network distribution companies of the Holding in an aggregate amount of 150,000 million rubles for a term of up to15 years, an MRSK press service official pointed out. "The Agreement is aimed at financing the investment programmes of the MRSK Holding companies, including projects for the introduction of innovative techniques and development studies and for the promotion of a rise in energy efficiency," the MRSK official said.

"VTB devotes special attention to lending credits to energy-sector enterprises. We are confident in prospects for long-term cooperation with the MRSK Holding and are sure that the signing of the Thursday's agreement is of benefit to both the VTB, MRSK Holding and the entire country," Kostin emphasized.

The document also provides for the possibility of inviting VTB as a financial consultant of MRSK Holding in determining and substantiating sources for funding programmes for a renewal of electric network equipment, as well as in implementing the company's strategy concerning the attraction of investments on the markets of joint-stock capital.

The MRSK Holding encompasses interregional and regional electric network distribution companies (MRSK/RSK), research and design institutes, building and marketing organizations in 69 constituent entities of the Russian Federation. The overall length of the networks of the operating subsidiaries of the MRSK Holding is more than 2.1 million kilometers.

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