SOLAR SYSTEMS and GAZBANK sign line of credit agreement/PRESS RELEASE
On March 9, 2017, Solar Systems received a positive decision from Gazbank's credit committee. Line of credit in the amount of 850 million rubles will be granted for a period of 7 years to implement the 15 MW SPP construction project in the Astrakhan region. The first tranche of financing was implemented at the end of March, 2017.
The purpose of the line of credit is to finance purchase of equipment, construction and installation works and other services related to the construction of the SPP. Crediting is carried out on the security of the equipment supplied to the site and the guarantee of the beneficiaries. Taking into account the current situation in the foreign exchange market, maximum reorientation to ruble financing is optimal for the company.
"We highly appreciate the fact that one of the largest regional commercial banks in Russia has become our strategic partner. We are grateful to the bank for efficiency and high level of professionalism shown at the decision-making and implementation stage of the first tranches of financing. The Astrakhan SPP is the first project in our portfolio, and therefore it was especially important for us to structure its financing as efficiently as possible", â€“ noted Olga Bykova, Deputy General Director for Investments and Finance of Solar Systems.
"The bank is historically connected with financing of traditional energy industries, in which its shareholders have been working successfully for a long time, that is why they reacted with optimism to the offer to participate in the process of emergence of such a new branch for the country as development of alternative energy sources. The bank highly appreciated the prospects for implementation of this project and high potential of the team of managers who are implementing the project for construction of the SPP", â€“ said Mikhail Lipovetsky, Acting Chairman of the Board of JSC JSCB "GAZBANK".
The investment portfolio of Solar Systems includes 11 projects for construction of solar parks in 5 regions of Russia. The total cost of investments will be 33.5 billion rubles, of which about 23.5 billion rubles (or 70% of the portfolio) are planned to be attracted in the form of a loan. In 2016, Solar Systems began construction of solar parks in the Astrakhan and Samara Regions, due to which it expects not only to build new energy facilities, but also to improve the ecology in the regions of presence. After the stations start to generate electricity at full capacity, the regional budgets will receive more than 400 million rubles of tax deductions. Implementation of the projects will create more than 100 new jobs for the construction period.
Solar Systems, LLC was established in March 2014 for the purpose of construction and operation of solar power plants on the territory of Russia. The company is currently implementing projects in Samara and Astrakhan Regions. Solar power plants in Volgograd Region, Stavropol Krai and the Republic of Kalmykia are planned to be constructed in the next 3 years. Due to commissioning of 11 solar parks, total installed capacity of power systems of these regions will increase by 255 MW. Cumulative investments will surpass 33,5 billion rubles.
JSC COMMERCIAL BANK "GAZBANK" (JSC JSCB "GAZBANK", the city of Samara) was founded in 1993. Today, GAZBANK is one of the largest regional commercial banks. The bank provides a full range of banking services for both corporate and private clients. Among the banks of the Samara Region, GAZBANK is consistently among the leaders of the financial services market.