Representatives from the European Bank for Reconstruction and Development and the French company Electricite de France visited Zagorsk hydro-storage plant (Zagorsk GAES), a branch of AO MOSENERGO. The goal of the visit was to oversee the implementation of the contract between AO MOSENERGO and EBRD. In 1998, EBRD allocated USD50 million to build the first stage of Zagorsk GAES.
This is a fifth visit by the working commission to oversee operations at the Zagorsk plant. The working group of investors consisted of Jean Boulet and Christian Lallement, chief engineers from the department for hydro-technical construction of Electricite de France, and John Irving and Grzegorz Zielinski, heads of the Moscow branch of EBRD.
Jean Boulet has cited the preliminary conclusions made by the commission: despite complicated weather conditions the operations continue in accordance with schedule; EBRD funds are spent only for approved purposes.
All works under the credit contract for construction of the first stage of Zagorsk GAES are to be completed before November of this year.
Representatives from Electricite de France and EBRD have also shown interest in further cooperation with AO MOSENERGO and participation in the construction project for the second stage of the plant.
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