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