Vnesheсonombank approves project financing for the completion of the construction of the Boguchanskaya HPP and the first start-up complex of the Boguchansky Aluminium Smelter
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 29.07.2010 |
UC RUSAL (HKSE: 486, Euronext: RUSAL/RUAL), the world's largest aluminium producer, announces that the Supervisory Board of Vnesheconombank has approved a financing package amounting to RUR 50 billion (about USD 1.7 billion) for RUSAL and RusHydro to complete the construction of the Boguchanskoye Energy and Metals Complex.
Vnesheconomebank will provide a loan to OAO Boguchanskaya Hydropower Plant of RUR 28.1 billion with a tenor of 16 years for the completion of the construction of the Boguchanskaya Hydropower Plant (HPP). The bank will lend an additional RUR 21.91 billion to ZAO BoAZ for 14 years to complete the construction of the first start-up complex of the Boguchansky Aluminium Smelter (BoAZ) and infrastructure facilities.
The approved credit facilities, together with the financing provided by the investment programmes of RUSAL and RusHydro for 2010, cover the full expenses for the construction of Boguchanskaya HPP and the first start-up complex of the BoAZ.
Currently, the first start-up complex of the BoAZ, which will have a capacity of 147,000 tonnes per annum, is 30% complete. The construction works are to be resumed in September, 2010. It is planned that the first start-up complex of the BoAZ will be launched in 2013.
The approved credit facilities will be provided according to the principles of project financing, without using the balance sheets of the investors of the project. The assets and shares of the project companies will be pledged as loan security. The draw-down of the financing will be available after all the loan documentation is signed and the necessary corporate approvals and the approval of RUSAL's creditors is received.
The Boguchanskoye Energy and Metals Complex (BEMO) is a key element of the complex development programme for the Lower Angara territories. The project is co-financed by RUSAL and RusHydro on a parity basis. The BEMO project includes the complete construction of the 3,000MW Boguchanskaya Hydropower Plant on the Angara River and the building of a 600,000 tonnes-per-annum aluminium smelter that will become one of the main consumers of the power generated by the HPP. The successful completion of the BEMO project will secure the power supply for the Lower Angara region and stimulate the development of new production capacities, rail and road transport.
About RUSAL
UC RUSAL (http://www.rusal.com/) is the world's largest producer of aluminium, in 2009 accounting for approximately 10% and 10% of global production of aluminium and alumina, respectively. UC RUSAL employs about 76,000 people in 19 countries, across 5 continents. UC RUSAL markets and sells its products primarily in the European, Japanese, Korean, South East Asian and North American markets. UC RUSAL's ordinary shares are listed on The Stock Exchange of Hong Kong Limited (Stock code: 486) and global depositary shares representing UC RUSAL's ordinary shares are listed on the professional compartment of Euronext Paris (RUSAL for Reg S GDSs and RUAL for Rule 144A GDSs).
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