RusHydro in loan negotiations with bank

MOSCOW, Russia 9/3/09 (PennWell) – RusHydro may get more financial help for repairs to the Sayano-Shushenskaya hydropower plant, which was crippled in an accident that killed 72 people last month.

The company said it is negotiating a loan with the European Bank for Reconstruction and Development. In 2006, the bank loaned RusHydro 6.3 billion roubles (US$198 million).

State-run Sberbank recently agreed to lend the company 20 billion roubles (US$626 million) to help pay for repairs, which will take several years and cost an estimated 40 billion roubles (US$1.25 billion)

The accident occurred Aug. 17 when a sudden surge of water flooded the plant’s turbine room after an explosion. (HydroWorld 8/17/09) The cause of the accident is still unclear.

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