OREANDA-NEWS. May 20, 2009. The Bank of Moscow and the RAO Energy Systems of the East have signed a cooperation agreement. The agreement provides for the implementation of joint investment projects, financing of the RAO’s current operations by the Bank, issue of guarantees and credits, cooperation in the sphere of loan services for the employees of the RAO.

"The Bank of Moscow has the required competence and tremendous experience in working with enterprises of the fuel and energy complex. We seek longtime mutually beneficial cooperation in the sphere of financing the business activity and investment projects of our holding. The signing of the agreement is a positive step to create the conditions for a successful implementation of the strategic programs of the RAO Energy Systems of the East, says Ilya Petrenko, financial director of the RAO Energy Systems of the East.

"Within the period of time from 2002 to 2008 the Bank extended credit resources to the amount of around RUR100 bln to power generating companies", says Sergei Yermolaev, vice-president of the Bank of Moscow.

Now the implementation of big investment projects in the sphere of energy is under way with the support of the Bank of Moscow including the construction of the Bureya hydro-electric power station, the Volga hydro-electric power station, the Zhiguli hydro-electric power station, the Kama hydro-electric power station, the modernization of the networks operated by the JSC MOESK and the field cable installation in Moscow region. The Bank is a participant of the project aimed at the construction of a heat power station in Sochi (in preparation for the 2014 Olympic Games in Sochi).