October 5 (SeeNews) - Russia's Gazprombank is lending 140 million euro ($161 million) to Serbian company TE-TO Pancevo, which will use the loan to finance the construction of a 200 MW gas-fired thermal power plant (TPP) .
Gazprombank has already extended the first part of the financing for the project in Pancevo, in northern Serbia, which will be carried out by China's Shanghai Electric Group, the lender said in a statement on Thursday.
"Gazprombank is one of the leaders in the financing energy projects in Russia. The participation in crediting a large investment project in Serbia will expand the bank’s presence in the European market as well as strengthen the partnership with a strategic client," the vice president of Gazprombank, Aleksandr Ushakov, said.
In 2015, Serbian oil and gas company NIS [BEL:NIIS] said its joint venture company with Gazprom Energoholding's unit Tsentrenergoholding, TE-TO Pancevo, plans to build of a 140 MW gas-fired TPP in Pancevo.
Tsentrenergoholding owns a 51% stake in the joint venture and NIS holds the remainder. There is a possibility to expand the TPP in a second phase and in that case, its capacity would be increased to 208 MW, while the total investment would go up to 183 million euro, NIS said back then.
($ = 0.869386 euro)
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