EADB has begun financing the construction of the Polotsk HPP

March 3, Minsk /BELTA/. The Eurasian Development Bank (EDB) has transferred the first tranche of $27.9 million for the construction of the Polotsk Hydroelectric Power Station. This was reported to a BELTA correspondent by the bank's press service. The loan agreement between the EDB and RUP Vitebskenergo on financing the project was signed in November last year. The project envisages the construction of a hydroelectric power station on the Western Dvina River with an installed electric capacity of 21.75 MW. The station's annual electricity production will be 112 million kWh. The total cost of the project is $142.7 million. The EDB's financing volume is $99.8 million. The loan agreement term is 10 years. The loan is secured by a state guarantee of the Republic of Belarus. The project is being implemented by RUP Vitebskenergo, which is the largest electricity supplier in the republic. The enterprise accounts for up to 40% of electricity generation. The general contractor for the construction is the Russian company OJSC VO Technopromexport, one of the world's leading companies specializing in the construction of energy facilities. The EDB loan will be used to finance the comprehensive construction of the Polotsk HPP hydraulic structure, including design, construction, equipment supply, spare parts, installation, commissioning, testing, commissioning of the facility, and personnel training. The main goal of the project implementation is to enhance Belarus's energy security by involving local renewable energy resources in the fuel and energy balance. The project implementation will contribute to reducing the cost of electricity production and will allow for savings of organic fuel at the level of 35.1 thousand tons per year. The Eurasian Development Bank is an international financial organization established by Russia and Kazakhstan in January 2006 to promote the development of market economies of the participating states, their sustainable economic growth, and the expansion of mutual trade and economic ties. The authorized capital of the EDB exceeds $1.5 billion. The participating states of the bank are Russia, Kazakhstan, Belarus, Tajikistan, and Armenia. -0-