The funding – anticipated to total US$660M – would be released to match the utility’s rebuild requirements, the bank said.

Rebuilding the plant could take until 2014 but RusHydro is planning to have the first unit – the least damaged – back in operation in the first quarter of 2010.

RusHydro is in talks with the European bank for Reconstruction and Development (EBRD) to increase its loans and help the rebuild. Additional shares in the utility could also be issued to help raise funds, possibly new shares as well as release of some stock still held by the Russian government.

Separately, the Ministry of Energy is seeking approval of the Government to reserve part of its 2010 budget for the rebuild work.

In total, including one person still missing, the fatal accident resulted in 75 deaths.


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