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Investing Under Guarantee
New energy facilities of 5,000 MW valued at 60 billion rubles overall will be constructed in the following five years by applying the guaranteed investment procedures, vowed spokesmen of RAO UES of Russia and Energy and Industry Ministry. The market analysts say it is the sole method to lure investors into the energy industry of Russia and are surprised that RAO UES has referred to it small-scale.
RAO UES of Russia intends to construct by 2010 the new facilities of 5,000 MW by applying procedures of guaranteed investments to energy industry, RAO UES Financial Director Sergey Dubinin and Industry and Energy Ministry’s top-ranked official Vyacheslav Kravchenko told reporters Tuesday. The total value of projects is 60 billion rubles.
The guaranteed investment procedures have been elaborated by RAO UES in tandem with the Industry and Energy Ministry. They specify repaying expenses to investors in view of investment efficiency asked by them. Each project is considered at a separate tender, where any potential investor may bid. The winner will be the company, asking the lowest internal rate of return (IRR).
Once the investor is ultimately chosen, the parties will proceed to construction with the IRR becoming a portion of tariff rates. It will be deducted into a special fund and transferred to investor during ten years.
The first six construction sites have been approved already; the overall capacity is 2850 MW. Even though the names of investors haven’t been disclosed, all of them are said to be the companies of Russia.
www.kommersant.com
All the Article in Russian as of Aug. 23, 2006
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