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Inter RAO UES

September 5, 2008

INTER RAO UES Board of Directors resolved to approve the investment agreement with Mezhregionenergostroy

Moscow, September 5, 2008. The Board of Directors of OJSC INTER RAO UES at its distant meeting resolved to approve the investment agreement between OJSC INTER RAO UES and Mezhregionenergostroy.

This decision was made in order to establish a joint venture to finance construction of the second power generation unit of Kaliningradskaya TETs-2. The share of OJSC INTER RAO UES in this joint venture is estimated at 49%, and the share of Mezhregionenergostroy will amount to 51%.

Conclusion of this agreement launches implementation of Kaliningradskaya TETs-2 expansion investment project through construction of the second 450 MW power generation unit. Under the project terms, Mezhregionenergostroy is committed to finance the project and OJSC INTER RAO UES undertakes to build the power generation unit and transfer the finished object to the investor. In accordance with the contract terms the estimated maximum investment will be RUB 22.3 billion; the construction completion deadline is December 31, 2010.

Mezhregionenergostroy is part of Gazprom. The conclusion of this investment agreement between Mezhregionenergostroy and OJSC INTER RAO UES would enable Gazprom to partake in the construction of the second power unit and provide the power plant with additional volume of natural gas as resolved by the RF Government on December 6, 2007.

The first 450 MW power generation unit of Kaliningradskaya TETs-2 was commissioned in October 2005. Construction of the second power generation unit of Kaliningradskaya TETs-2 is expected to reduce the power deficit risk in the region and increase overall reliability of power supply.

 

 

 

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