Banks organize loan for Russian smelter, 3,000-MW Boguchanskaya

Banks ABN Amro, Calyon, Barclays, and Russia’s Sberbank are to organize a three-year, US$520 million syndicated bridge loan for a Russian power and aluminum project including the 3,000-MW Boguchanskaya hydroelectric project.

“The deal will be closed this quarter,” a banking source said February 2.

The US$3.6 billion project, known as the Boguchansk power and metal alliance, is being built by Russia’s aluminum giant RUSAL and HydroOGK, the hydroelectric operating unit of Russian power monopoly Unified Energy Systems.

The two firms want to finish construction of the Boguchanskaya hydropower station and build a new aluminum smelter, which will produce 600,000 tons a year.

Boguchanskaya is the largest power facility currently under construction in Russia. Financing of its construction in 2006 equals US$222.5 million.

In December, HydroOGK and RUSAL awarded a contract to JSC Power Machines of Russia to supply turbines for Boguchanskaya, which is being built on the Angara River. (HNN 1/3/07) The contract, worth more than 3 billion rubles (US$114.2 million) calls for design, manufacturing, and supervision of installation of nine turbines of 339 MW each. Delivery is expected to begin in 2008.

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