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Russian Federation : Sberbank CIB organises RUB 9.65 bln of financing for TGC-16 OJSC, a part of TAIF Group.

Sberbank CIB has begun financing the investment project Modernisation of Kazan Cogeneration Plant-3 Using a Gas Turbine Unit of power company TGC-16 OJSC, which is part of TAIF Group. The deal was prepared by Sberbank CIB with participation from the Tatarstan Bank Division of Sberbank s Volgo-Vyatsky Bank. A RUB 9,650 mln line of credit has been opened for 10 years. The project will be implemented together with international companies General Electric and GAMA (Turkey), and will allow the volume of electricity produced to be increased by more than a third.

We highly value our cooperation with the Sberbank Group, which is a long-standing and reliable partner, and are glad that we were able to reach a mutually beneficial agreement. This loan will go towards modernising and upgrading the capacity of TGC-16 and therefore is an important step towards realising the strategy to increase the efficiency of Russia s energy system, remarked Albert Shigabutdinov, General Director of TAIF Group.

Our partnership is a successful example of the development of mutually advantageous long-term relationships, said Vadim Logofet, Managing Director at Sberbank CIB s Client Management Department. We are delighted to contribute to the development of the regional energy system and are certain this financing will enable TGC-16 to increase the effectiveness of its generation facilities and help TAIF Group accomplish strategic goals.

A solid partnership has been built up over the long history of cooperation between Sberbank and TAIF Group. The agreement on financing TGC-16 demonstrates our genuine interest in stable development of TAIF Group, the implementation of its major projects that seek to bring prosperity to the Russian Federation and improve the country s financial standing, and also in making it a more competitive enterprise, commented Rushan Sakhbiyev, Deputy Head of Sberbank s Volgo-Vyatsky Bank and Head of the Tatarstan Bank Division.

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Publication:Mena Report
Date:Oct 16, 2014
Words:315
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