Monday, 16 june 2008

Renovation of Novgorod Coogeneration Plant

Lease contract signed between BUSINESS ALLIANCE and OAO “TGC-2”.

The terms of this contract are set to renovate Novgorod CGP, therefore requiring to install industrial gas turbines GTE – 160 (manufacturer - OAO “Power Machines”), recovery boilers (manufacturer - OAO “IK ZiOMAR”), transformers and other equipment. The lease contract includes the contractor agency services.

The operational start of the modernized Novgorod Cogeneration Plant is set for June 2010.

The main feature of this project is the interest rates which were fixed at a pre market collapse level. This project is funded by “Vneshecomonbank”. The lease contract amounts to more than RUB 4.5 billion. Lease term: 101 months.