VEB.RF: Financing Provided for Partizanskaya Power Station Expansion Through Project Financing Factory
The expansion project for Partizanskaya Thermal Power Station has received the first disbursement under the Project Financing Factory programme. In total, a syndicate of VEB.RF and partner banks will lend the company as much as 79 billion roubles for a term of 12 years.
The expansion of Partizanskaya Thermal Power Station involves building two power units with total installed capacity of 280 MW to supply electricity to the Eastern Polygon railway line. This is one of the six projects implemented by RusHydro under the large-scale programme to modernise thermal power facilities in the Far East. Putting new, modern equipment into operation will help to cope with the growing demand for energy in the vast region and among millions of local residents.
VEB.RF and RusHydro entered into an agreement to cooperate in carrying out the projects to modernise Far Eastern thermal power facilities at the St. Petersburg International Economic Forum in June 2024. The agreement was signed in the presence of Russian Minister of Economic Development Maxim Reshetnikov. The ministry is mandated to oversee the Project Financing Factory investment promotion mechanism designed to guarantee that investors have a stable interest rate and receive reimbursement in the event of an increase in the Bank of Russia’s key rate. The total necessary investment in the project from VEB.RF and its partner banks is estimated at 650 billion roubles.
Under the government programme to modernise Russian thermal power facilities, RusHydro builds new thermal power stations in the Far Eastern Federal District, as well as expanding and upgrading the region’s existing infrastructure. They will replace worn-out power facilities built more than 50 years ago.
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