The Rb1.5B (US$58.2M) loan has a seven-year term with a variable, pegged interest rate, the federal hydro company said in a statement.
Hydro OGK has been in co-operative discussions with Morgan Stanley since last year. In December 2006, Hydro OGK obtained Rb3B of credit from the company.
The company is developing the major hydro power projects in Russia. It has a JV with federal aluminium producer Rusal to complete the 3GW Boguchanskaya scheme on the river Angara in Siberia. In March, it received a credit facility of US$520M from a group of banks – ABM Amro, Barclays, Calyon and Sberbank Russia – to help finance the completion of the project.
Recently, it agreed to participate in a separate JV to develop a cascade of hydro scheme on the Timpton river, also in Siberia.
Projects already committed to by the company up to 2011 will require 45 turbines, totalling 5GW in capacity, and 43 generators. Between 2006-10 it is to build 4.9GW of capacity.
