OREANDA-NEWS. October 11, 2010. State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ and the GSR Energo Group of Companies entered into a Credit Agreement to finance the project to build the first power generating unit of CPP (co-generation power plant) CCP (combined cycle plant) in the Kolpinsky district of Saint-Petersburg with installed electric capacity of 110 MW and thermal capacity of Gcal/h.

On behalf of Vnesheconombank the Agreement was signed by Management Board Member – Vnesheconombank Deputy Chairman Anatoly Ballo, on behalf of GSR Energo – by its General Director Victor Kotov.

The total amount of investments in the first power generating unit of CPP is 6.3 billion rubles, with 4.9 billion rubles being Vnesheconombank’s credit resources to be made available for a period of up to 2024 and 1.4 billion rubles being the funds of the GSR Energo Group of Companies.

The CPP will be a state-of-the art co-generation power station comprised of two combined cycle power generating units. High-technology steam and gas equipment would significantly increase generation of thermal and electric energy. At the same time, fuel utilization efficiency would exceed 90%.

The project’s implementation would make it possible to reliably provide electric and thermal energy to consumers of the Kolpinsky district of Saint-Petersburg including energy-intensive enterprises located or being constructed at the industrial site of the Kolpinsky district, the most rapidly developing machine –building zone of the North-West of Russia.

The project is included in the Saint Petersburg General Development Plan.