Russian banks do not want to lend to Crimea - power plants will have to be built at budget expense
Moscow - Kyiv, April 3 (PolitNavigator, Mikhail Stamm) - The Russian government has not found sources of market financing for the construction of power plants in Crimea and is inclined to favor subsidies from the budget.
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The Ministry of Energy, the Ministry of Finance and the Central Bank were looking for investors with a preferential rate (close to the Central Bank refinancing rate - 8,5% - with a minimum premium) in exchange for supporting the liquidity of the creditor bank. But due to US sanctions, state banks also refused to lend to Crimea’s generation, the source said. "Kommersant", close to one of them.
Waiving loans will avoid additional burden on consumers - 20 billion rubles. in year. The total cost of creating 900 MW (three large blocks and several small ones of 25 MW each) by 2018 in Crimea is estimated at 71-73 billion rubles.
So far, the Federal Target Program for the development of the Crimean Federal District does not provide budget funds for new stations. The final price will be determined based on the results of Glavgosexpertiza. Design, survey and preparatory work have already begun in Crimea, but the main construction will begin “before 2015.”
Problems also arise with investments in the thermal power plant on Taman (660 MW), which should compensate for the losses of the power system of southern Russia after Crimea was annexed to it using an underwater cable. This project has not been affected by sanctions, but investors are waiting for guarantees of return on investment.
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