OREANDA-NEWS. Sberbank CIB has organised the provision of financing to Moscow Integrated Power Company (MIPC) JSC in the form of two credit lines totalling RUB 7.4 bln. The loan agreements were approved by the company’s Board of Directors on June 25, 2013. Under the conditions of the credit contracts, funding with a renewable limit will be provided starting from the date of signing of the agreements until October 2013. The deal was arranged by the Sberbank CIB joint team and the Moscow Bank of Sberbank of Russia.

Andrey Likhachev, General Director of MIPC JSC, commented: “We decided to procure the loans due to the need to replenish the company’s working capital, including for current financial activities and optimisation of the credit portfolio. The lines of credit that were arranged by our colleagues from Sberbank CIB will help ensure that MIPC’s production programme – part of the preparation for the 2013/2014 heating season – is financed on time.”

Igor Serov, Managing Director and Head of the Corporate Clients Division, Client Management Department at Sberbank CIB, remarked: “Year in, year out we have cooperated with MIPC, the largest electricity and heat company and an enterprise that plays a significant social role nationwide. Sberbank has for a long time worked together with Russia’s most important infrastructure enterprises and understands that they must operate smoothly. I am certain the synergy created by our mutually beneficial cooperation will promote the development of sustainable energy in the country as a whole. As we once again help promote the growth of MIPC’s business, we are ready to cooperate with them on their new projects.”

In accordance with the loan contracts, the periods for repaying the borrowed funds are up to two and up to three years.