OREANDA-NEWS. November 20, 2012. At the end of an auction held on October 26, 2012, for contracts to be awarded for the opening of a credit line to Irkutskenergo OJSC, Sviaz-Bank’s branch in Irkutsk was the sole bidder in Lot 1, and its bid was found to comply with bidding documentation requirements, and it was named the auction winner in Lot 4, reported the press-centre of Sviaz-Bank.

Sviaz-Bank’s Irkutsk branch is to provide 1.5 billion rubles in funding to the company. The credit lines will be opened for a drawdown period of up to three years for financing the company’s current operations.

“Irkutskenergo is the biggest producer of electric power and heat in the Siberian region, and it is rated as a reliable borrower by the Bank,” said Sergey Volokhov, Vice Chairman of Sviaz-Bank’s Management Board. “Over the years of cooperation with it, the Bank has made loans to the company with a total debt limit of 4.6 billion rubles. We are interested in promoting relations of partnership with the company.”

A power generating and coal mining company, Irkutskenergo is a large industrial complex spanning Irkutsk Region and Krasnoyarsk Territory. The complex includes three in-line hydroelectric power plants on the Angara River, nine heat-generating units in large cities across Irkutsk Region, six coal strip mines operated by Vostsibugol Company (LLC) mining coal and lignite, two loading and transportation departments, and a coal-preparation plant.