VEB.RF’s PFF Mechanism Included in Large-Scale Programme to Modernise Far-Eastern Heating Systems
During the St Petersburg International Economic Forum, VEB.RF and RusHydro signed a cooperation agreement for six projects to modernise heating systems in the Russian Far East. The signing ceremony was attended by the Russian Economic Development Minister Maxim Reshetnikov.
VEB.RF Chairman Igor Shuvalov: “The large-scale programme to create and renew the Far-Eastern energy infrastructure will apply the Project Financing Factory mechanism. VEB.RF’s and its partner-banks’ commitment is RUB650bn. The PFF programme is an effective tool to support partners and guarantee stable terms of such long-term projects. The programme provides protection from the key rate increase, which is especially important in the current market environment. The new state-of-the art equipment will help to satisfy the growing demand for energy supply for such a big region with millions of residents.”
RusHydro constructs new thermal power stations in the Far Eastern Federal District and upgrades and renews the existing ones under the government programme for modernising Russian thermal power plants. Newly constructed and modernised energy facilities will replace worn-out 50-year old power plants.
In total, six projects will be financed using the PFF mechanism: upgrading Partisansk GRES, constructing the second stage of Neriungri GRES, rehabilitating Vladivostok TPP-2, and constructing Artemovsk TPP-2, Khabarovsk TPP-4 and Yakutsk GRES-2 (second stage). The output power and heat output of the new and modernised energy facilities is 2.1 GW and above 2,500 Gcal-hr, respectively.
Russian Minister of Economic Development Maxim Reshetnikov: “The Project Financing Factory is one of the key instruments to raise investment for large long-term projects in priority national economic sectors. Given high interest rates in Russia, it is essential to help businesses to hedge the interest risk and build-up the capital. The PFF mechanism helps to allocate risks among the government, banking system and businesses and guarantees stable terms of investment projects. The PFF project portfolio is constantly growing.”
Under VEB.RF’s PFF programme, 40 projects totalling RUB3.9trn have been approved. Key target sectors include metallurgy, petrochemicals and gas-to-chemicals, nuclear industry, high-technology sector, energy infrastructure, transport, port and road infrastructure, logistics, etc. The programme is designed to support large Russian investment projects totalling RUB3bn or more, with the financing term not exceeding 20 years.
VEB.RF operates under the Federal Law “On State Development Corporation VEB.RF”. VEB.RF’s primary objective is to promote Russia’s long-term social and economic growth. In partnership with commercial banks and investors, VEB.RF provides financing for integrated projects to develop the country’s industrial production and infrastructure, strengthen its technological potential, develop the urban economy and improve the quality of life. The IFRS financial statements for Q1 2024 specify that VEB.RF’s total assets and guarantee portfolio have exceeded RUB6trn, with the capital adequacy ratio exceeding 15%. In addition to its lending activities, VEB.RF is actively involved in providing guarantees and surety bonds in line with the strategic priorities and business model of Russia’s major development institution.
RusHydro is one of Russia’s largest power generating companies ranking first in Russia and third in the world in terms of hydropower production, and the leader of RES-based power generation in Russia. The rated output power generated by RusHydro Group’s power plants is 38.5 GW. RusHydro Group generates about 70% of power in the Far Eastern Federal District.
Back
[Bitrix\Main\DB\SqlQueryException]
Mysql query error: (1290) The MySQL server is running with the --read-only option so it cannot execute this statement (400)
REPLACE INTO b_iblock_section_iprop (IBLOCK_ID, SECTION_ID, IPROP_ID, VALUE) VALUES ('4', '7290', '80', 'News')
/var/www/veb/data/www/veb.ru/bitrix/modules/main/lib/db/mysqliconnection.php:137
#0: Bitrix\Main\DB\MysqliConnection->queryInternal(string, array, NULL)
/var/www/veb/data/www/veb.ru/bitrix/modules/main/lib/db/connection.php:330
#1: Bitrix\Main\DB\Connection->query(string)
/var/www/veb/data/www/veb.ru/bitrix/modules/iblock/lib/inheritedproperty/basevalues.php:224
#2: Bitrix\Iblock\InheritedProperty\BaseValues->insertValues(string, array, array)
/var/www/veb/data/www/veb.ru/bitrix/modules/iblock/lib/inheritedproperty/sectionvalues.php:146
#3: Bitrix\Iblock\InheritedProperty\SectionValues->queryValues()
/var/www/veb/data/www/veb.ru/bitrix/modules/iblock/lib/inheritedproperty/basevalues.php:104
#4: Bitrix\Iblock\InheritedProperty\BaseValues->getValues()
/var/www/veb/data/www/veb.ru/bitrix/components/bitrix/news.list/component.php:276
#5: include(string)
/var/www/veb/data/www/veb.ru/bitrix/modules/main/classes/general/component.php:594
#6: CBitrixComponent->__includeComponent()
/var/www/veb/data/www/veb.ru/bitrix/modules/main/classes/general/component.php:653
#7: CBitrixComponent->includeComponent(string, array, NULL)
/var/www/veb/data/www/veb.ru/bitrix/modules/main/classes/general/main.php:1037
#8: CAllMain->IncludeComponent(string, string, array)
/var/www/veb/data/www/veb.ru/local/templates/.default/components/bitrix/news/press-tsent/bitrix/news.detail/.default/template.php:288
#9: include(string)
/var/www/veb/data/www/veb.ru/bitrix/modules/main/classes/general/component_template.php:720
#10: CBitrixComponentTemplate->__IncludePHPTemplate(array, array, string)
/var/www/veb/data/www/veb.ru/bitrix/modules/main/classes/general/component_template.php:815
#11: CBitrixComponentTemplate->IncludeTemplate(array)
/var/www/veb/data/www/veb.ru/bitrix/modules/main/classes/general/component.php:735
#12: CBitrixComponent->showComponentTemplate()
/var/www/veb/data/www/veb.ru/bitrix/modules/main/classes/general/component.php:683
#13: CBitrixComponent->includeComponentTemplate()
/var/www/veb/data/www/veb.ru/bitrix/components/bitrix/news.detail/component.php:438
#14: include(string)
/var/www/veb/data/www/veb.ru/bitrix/modules/main/classes/general/component.php:594
#15: CBitrixComponent->__includeComponent()
/var/www/veb/data/www/veb.ru/bitrix/modules/main/classes/general/component.php:653
#16: CBitrixComponent->includeComponent(string, array, object)
/var/www/veb/data/www/veb.ru/bitrix/modules/main/classes/general/main.php:1037
#17: CAllMain->IncludeComponent(string, string, array, object)
/var/www/veb/data/www/veb.ru/local/templates/.default/components/bitrix/news/press-tsent/detail.php:70
#18: include(string)
/var/www/veb/data/www/veb.ru/bitrix/modules/main/classes/general/component_template.php:720
#19: CBitrixComponentTemplate->__IncludePHPTemplate(array, array, string)
/var/www/veb/data/www/veb.ru/bitrix/modules/main/classes/general/component_template.php:815
#20: CBitrixComponentTemplate->IncludeTemplate(array)
/var/www/veb/data/www/veb.ru/bitrix/modules/main/classes/general/component.php:735
#21: CBitrixComponent->showComponentTemplate()
/var/www/veb/data/www/veb.ru/bitrix/modules/main/classes/general/component.php:683
#22: CBitrixComponent->includeComponentTemplate(string)
/var/www/veb/data/www/veb.ru/bitrix/components/bitrix/news/component.php:216
#23: include(string)
/var/www/veb/data/www/veb.ru/bitrix/modules/main/classes/general/component.php:594
#24: CBitrixComponent->__includeComponent()
/var/www/veb/data/www/veb.ru/bitrix/modules/main/classes/general/component.php:653
#25: CBitrixComponent->includeComponent(string, array, NULL)
/var/www/veb/data/www/veb.ru/bitrix/modules/main/classes/general/main.php:1037
#26: CAllMain->IncludeComponent(string, string, array)
/var/www/veb/data/www/veb.ru/en/press-center/index.php:6
#27: include_once(string)
/var/www/veb/data/www/veb.ru/bitrix/modules/main/include/urlrewrite.php:159
#28: include_once(string)
/var/www/veb/data/www/veb.ru/bitrix/urlrewrite.php:2