OREANDA-NEWS. On 16 February 2009 was announced, that State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ and the First Power Generating Company on the Wholesale Energy Market (OGK-1) had signed a Credit Agreement worth 1.3 billion rubles for a period of 5 years.

The funds are intended for financing the final stage of the project to upgrade the power unit N 3 of the Kashira Thermal Power Station (Kashirskaya GRES) with the capacity of 330MW in the city of Kashira (Moscow region) implemented by OGK-1.

The project is being implemented within the General Scheme for Placing Power Facilities until 2020 approved by the Russian Government’s order that provides for electrical supply of 2 billion kilowatt-hours.

The technical upgrade of the power unit would make it possible to drastically reduce electric power deficit and boost electric power security in the region within the Russian unified power system and help create new jobs.