OREANDA-NEWS. November 08, 2013. VTB Bank has opened a RUB 1 billion, six-year credit line for Teploenergo. The company will use the loan facility to finance the upgrade and renovation of its operational fuel and energy facilities.

“Thanks to VTB’s willingness to fund long-term projects on the best possible terms, we are able to carry out the investment programme with minimal consequences in terms of rate increases for consumers,” said Teploenergo CEO Vladimir Kolushov.

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Teploenergo is a major heat supply company in Nizhny Novgorod. Teploenergo provides over 50% of the heat and hot water supplies for companies and individuals. The city of Nizhny Novgorod is Teploenergo’s sole shareholder.