EBRD provides EUR100m loan for gas-fired power plant in Russia
The European Bank for Reconstruction and Development (EBRD) has provided a 12-year loan of €100m for the construction of a new gas-fired power plant in Primorsk in the Far East region of Russia.
The loan to Energy System of East is guaranteed by its parent company RusHydro.
The proposed plant will demonstrate the process of modernizing heat and power generation and supplying it in an isolated power system.
The plant is expected to be more energy efficient and will discharge less greenhouse gas than the coal-fired capacity that it will replace.
RusHydro chairman Evgeny Dod said that the project will begin a new phase in the development of region's energy sector by increasing its security and providing a reliable energy supply to all the users.
The new project is the first to come up in the region in the last 30 years.
This loan will bring the EBRD investments in the country's power entities to about €1.7bn since 2001.