AES Borrows USD 45 Mln To Finance Development Of Two Oblenergos

The American corporation AES, owner of the regional power distribution companies AES Kyivoblenergo (KOEN) and AES Rivneenergo (ROEN:HOLD), has drawn a USD 45 mln loan from the International Financial Corporation (IFC) to finance its companies in Ukraine. Funds will be spent to reduce electricity losses in the grids, upgrade equipment and communication systems. AES will receive the loan in four parts over four years. Concorde Capital: Kyivoblenergo and Rivneenergo were privatized by AES in 2001, and are now among the best performing regional distribution companies in Ukraine. The amount of the loan is enough to finance development programs for two companies for four years.