Provided to Inter RAO Credit BV, the seven-year RUB12bn (€280m) loan will be used for construction of a 420MW combined cycle gas turbine (CCGT) power unit at the Verkhnetagilskaya TPP, which is located Verkhni Tagil, Russia.
EBRD Energy and Natural Resources managing director Riccardo Puliti said the loan represents a significant step in the the bank’s strategy to support the modernization and de-carbonation of electricity generation.
Once the CCGT unit construction is completed, Inter RAO plans to retire 264MW of coal-fired capacity by the end of 2015, followed by an additional 288MW capacity by the end of 2017.
Expected to employ the Best Available Techniques (BAT) regulating emission, the new unit will also have to meet EBRD’s performance requirements (PRs) and European Union’s (EU) environmental standards, namely the EU Industrial Emissions (IE) Directive.
The new loan brings the bank’s total investments to over €2bn in Russian power since the launch of the sector’s reform process in 2001.
