OREANDA-NEWS. April 19, 2013. OJSC Verhne-Volzhskaya Generiruyuschaya Kompaniya (Upper-Volga Generating Company) of ITERA International Group of Companies shall invest RUB28.68 billion in construction of a gas-vapor cogeneration power plant in Kstov District of Nizhny Novgorod Oblast, - the regional Ministry for Economic Development reported.

"The power plant's installed generation capacity will be 900 MW. According to the plan, 450 MW of the capacity will be put in operation in 2016 while the remainder 450 MW in 2018", - the report stated. Implementation of the Project will create nearly 300 new jobs.

ITERA International Group of Companies is a vertically integrated holding company owned by Igor Makarov, a Russian businessman. The Group comprises dozens of enterprises and companies in the CIS, Baltic countries, Western Europe, Asia and the USA. The Group is one of the largest independent natural gas producers and sellers operating in the CIS and the Baltic states.