RusHydro secures two export credit facilities in total amount of EUR 190 mn for modernization of Saratovskaya HPP

Марта 06, 2014

JSC RusHydro announces that Crédit Agricole Corporate & Investment Bank (Crédit Agricole CIB) and ING Bank, a Branch of ING-DiBa AG (ING Bank) arranged two export credit facilities in favor of RusHydro: a 14-year facility in the amount of EUR 95.4 mn and a 15-year facility in the amount of EUR 94.9 mn.

Both credit facilities are guaranteed by the Austrian export credit agency, Oesterreichische Kontrollbank AG (“OeKB”). Crédit Agricole CIB acted as Facility Agent, MLA and Lender of the financing, while ING Bank acted as Documentation Agent, MLA and Lender.

The transaction was approved by the Board of Directors of RusHydro on November 13, 2013, and does not increase the volume of the Company’s open foreign exchange position, but only replaces its current liabilities denominated in foreign currency with the longer-term liabilities.

The facilities will be used to continue modernization of the Saratovskaya HPP through replacement of 8 hydro units of the plant with up-to-date eco-friendly turbines manufactured by Voith Hydro GmbH & Co. KG (“Voith”), one of the world’s leading suppliers of hydropower equipment and a world leader in designing and constructing hydropower turbines for over 100 years. The transaction was successfully closed due to the strong support and cooperation of RusHydro, as well as coordination between ING and CACIB during structuring and closing of transaction.