OREANDA-NEWS. On March 30, 2007 Sberbank acted as a Mandated Lead Arranger, Underwriter and Bookrunner in a syndicated USD520 mln three-year bridge loan to finance the establishment of Boguchanskoye Energy and Metals Complex (BEMO), a project undertaken by HydroOGK and RUSAL on a parity basis, reported the press-centre of  Sberbank. Other arrangers include major western banks: ABN AMRO BANK N.V., Barclays Capital, and Calyon.  The BEMO Project contemplates completion of Boguchanskaya Hydro Power Plant on the Angara River, rated capacity 3,000 MW, and construction of an aluminium smelter, annual capacity 600,000 tonnes, which will be a key consumer of the power generated by Boguchanskaya Hydro Power Plant. Commissioning of the first stage of both is scheduled for 2009.


The BEMO Project forms part of The Programme for Integrated Development of the Lower Angara Region which contemplates, among other projects, construction of a pulp and paper factory, development of gas condensate fields and iron ore deposits, construction of a railway spur track and a network of highways. Construction of the regional infrastructure facilities will be financed in 2006-2009 from The Russian Federal Investment Fund. The BEMO Project will be instrumental in creating new jobs in the region and additional tax revenues for various budgets.