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2009 September 4   12:03

RusHydro to decide on loan for restoration of Sayano-Shushenskaya by month-end

Russian hydroelectric holding RusHydro (RTS: HYDR)  will  arrive  at  a decision before the end of September on raising  loans  to restore the damaged Sayano-Shushenskaya hydroelectric

station, Interfax reports.

RusHydro  has  received  loan  proposals from Sberbank Russia (RTS: SBER), Gazprombank  and  the EBRD, acting chief Vasily Zubakin said at a press conference  on  Friday.  Discussions  on  the  loan collateral and interest rate are underway, he said.

"Right  now  we  are  working to get a picture of the activities at headquarters  [to  deal  with  the  damage  at  the  facility]  and  the activities  of  the equipment designer. We are determining the financial requirement,  that  is, we are detailing the schedule for when financing will be  needed.  And  simultaneously  we  are  discussing  the issue of collateral and interest rates with the banks," he said.

"The  various banks have their own specific terms. For example, the European  Bank  for Reconstruction and Development (EBRD) has its terms, our Russian  banks  have  theirs.  I  think  our  borrowing plan will be clearer by the end of September," he said.

It  was  reported earlier that that Sberbank is prepared to offer a loan of 20 billion rubles to restore Sayano-Shushenskaya.

The  August  17 blast at the hydroelectric station killed 70 people and caused  the  complete  or  partial  destruction  of  nine out of ten hydropower   units.  Sayano-Shushenskaya,  Russia's  largest  hydropower plants,  remains  shut down. It may take three-five years and 40 billion

rubles to restore.

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