OREANDA-NEWS. Sberbank CIB has begun financing the investment project “Modernisation of Kazan Cogeneration Plant-3 Using a Gas Turbine Unit” of power company TGC-16 OJSC, which is part of TAIF Group.

The deal was prepared by Sberbank CIB with participation from the Tatarstan Bank Division of Sberbank’s Volgo-Vyatsky Bank. A RUB 9,650 mln line of credit has been opened for 10 years. The project will be implemented together with international companies General Electric and GAMA (Turkey), and will allow the volume of electricity produced to be increased by more than a third.

Today TAIF Group is a diversified structure that brings together companies that operate in the industries of oil refining and petrochemicals, construction, power, and investment and financial services. Overall the Group has more than 50 subsidiaries and affiliated enterprises. One of its key areas of activity is the implementation of investment programmes that are a high priority for Tatarstan’s economy.

TGC-16 is one of the Republic of Tatarstan’s largest power companies. It provides thermal energy and electricity to the companies of TAIF Group and other consumers in the Republic of Tatarstan and the Russian Federation.