International sanctions along with crisis create problems for Russia when it comes to financing the construction of power plants in Crimea. Vedomosti informs about that.
According to one of the press interlocutors who is close to the meetings of the curator of Crimea Dmytro Kozak, the scheme of financing the construction of power plants has been discussed already for several months, but it doesn’t give any result: neither the state, nor potential lenders have the money.
The company Technopromexport, which is the branch of the Russian state corporation Rostec, was assigned as a construction contractor of two Crimean power plants. The contractor had to recover the investments using the money coming from the market, in other words, the consumers of the European part of Russia and Ural (except population) will have to pay for new stations’ capacity with a mark-up.
Another interlocutor says that the profit from this project should be minimal, approximately 0.5%.
Two interlocutors tell that due to higher prices for equipment the project went up in price. Crimean stations have risen in price by 34.5-57% up to 60-70 billion rubles.
The company Technopromexport was supposed to take out loans of state banks, but now it will be difficult to do that. First, due to liquidity problems banks are ready to lend money only at market rates – now it is about 20%. Technopromexport will have to put it to the financial rate of return, so it means, to the capacity price for the industry of the European part and Ural. But this is too expensive, it is necessary to find an option that will keep affordable rates, the interlocutors say and the representative of Technopromexport confirms.
The second problem is that the lending organizations don’t want to participate in the “Crimean project” because of sanctions. As one of the state banks explains, no one wants to deal with annexed Crimea because consequences can be unpredictable.
