OREANDA-NEWS. December 29, 2008. IDGC of North-West, JSC, as a subject of the natural monopoly can sign the credit agreement only according to the results of the open auction in accordance with the regulation of the Federal law as of July 21, 2005 No. 94-FL.

According to the results of the auction for IDGC of North-West, JSC activity financing the North-West Bank of Sberbank of the Russian Federation will give the credit for the amount of RUR 1 billion 200 million, and VTB Bank of North-West – RUR 500 million.

“IDGC of North-West, JSC experienced difficulties attracting the borrowed funds as many other enterprises in the conditions of the financial crisis. At present, when the banks limit credit programs and harden the requirements to the borrowers, it is extremely difficult to gain credit”, said Anna Povetkina, the Head of the Finance and Corporate financing department of IDGC of North-West, JSC. Nevertheless, according to her words, on December 13, 2008 5 lots’ applications out of 8 were sold for the total amount of RUR 3 billion for the participation in the open auction to get the right of credit lines’ agreements signing.

Applications gained from two strategic partners of the Company – Sberbank of the Russian Federation and VTB of North-West Bank were considered meeting the requirements and conditions stipulated by auction documents.

It should be mentioned that IDGC of North-West, JSC, as a subject of the natural monopoly can sign the credit agreement only according to the results of the open auction in accordance with the regulation of the Federal law as of July 21, 2005 No. 94-FL.