OREANDA-NEWS. October 18, 2010. State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ and LLC Gazprom Investproject (a subsidiary of OJSC Gazprom) signed a Credit Agreement to finance the Adler thermal power station construction project.

On behalf of Vnesheconombank the Agreement was signed by Management Board Member – Vnesheconombank Deputy Chairman Anatoly Ballo, on behalf of LLC Gazprom Investproject – by its Director General Igor Golenishchev.

Under the Agreement Vnesheconombank is to provide credit resources worth 19.45 billion rubles to Gazprom Investpproject for a period of 15 years.

The project is included in the Program approved by the Government of building Olympic facilities and developing the city of Sochi as a mountain-climatic resort. The Program was approved by the Government.

The Adler thermal power station will become the largest source of supplying electric and thermal energy to Olympic facilities during the 2014 Olympic Games in the city of Sochi. The Adler thermal power station is scheduled to be commissioned at the end of 2012. The thermal power station will occupy the territory of 9.89 hectares in the Imereti Lowland.

LLC Gazprom Investproject is responsible for managing the thermal power station construction project. LLC Gazprom Investproject is OJSC Gazprom’s wholly owned subsidiary responsible for implementing new industrial projects on the principles of project financing.

Vnesheconombank’s participation in financing this project was approved by the Bank’s Supervisory Board in late July of 2010.