OREANDA-NEWS. September 21, 2010. The Auction Commission of Irkutskenergo summed up the results of a public auction held for the right to enter into agreements on a revolving line of credit to be opened to the company. Sviaz-Bank was named winner in Lot 1 and is entitled to make loans totaling 1 billion rubles over a drawdown period of 36 months, reported the press-centre of Sviaz-Bank.

The public auction held to select lending institutions was announced on August 2, 2010.

Irkutskenergo OJSC has a favorable credit history with Sviaz-Bank. Previously, in 2009 and 2010, the Bank gave more than 2.5 billion rubles in loans to the company.

Irkutskenergo, generating electric power and heat at its coal-fired plants, is a major complex spread over Irkutsk Region and Krasnoyarsk Territory. It supplies heat and power mostly to residential houses in Irkutsk Region, small and medium-size businesses, farms, social services providers, and big mining, manufacturing, and processing enterprises in the area. The Federal Property Management Agency holds 40% of Irkutskenergo’s shares of stock, and another 50.19% of the shares are in the hands of EuroSibEnergo, the largest heat and power generating company in Russia.