PRESS: Russia’s Quadra may get 7 bln rbl to finish units’ building

MOSCOW, Apr 11 (PRIME) -- Russian power producer Quadra Power Generation and its shareholder Onexim may soon sign a term sheet of an agreement on a 7 billion ruble loan with Gazprombank and Sberbank in order to finish building of new power units under capacity supply agreements, business daily Kommersant reported Monday, citing sources with knowledge of the matter.

Quadra earlier rescheduled the launch of units at the Aleksinskaya TETs and Dyagilevskaya TETs power plants for 2017 from 2014, while units at the Voronezhskaya TETs-1 and Kurskaya TETs-1 must be commissioned in 2016, which is also impossible.

Two sources told Kommersant that without minimization of capacity supply agreement breaches due to launch delays, Quadra can go bankrupt in 2016 because of penalties.

The sources said that Sberbank and Gazprombank may provide a club loan, splitting the contributions equally, and Onexim may give a 3 billion ruble financing at least, but the banks will sign the deal only after Quadra’s penalties for launch delays are postponed for six years and a half, a timeframe when the company will be repaying the debt.

(67.4662 rubles – U.S. $1)

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