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Zakhidenergo examines options for financing new power units at Dobrotvir TPP

Zakhidenergo examines options for financing new power units at Dobrotvir TPP

10 October 2008

At an energy forum in Kyiv yesterday, Zakhidenergo (ZAEN: BUY) CEO Petro Omelyanovskiy said that the company is considering having its subsidiary, JSC Dobrotvir Thermal Power Plant-2, conduct an additional share issue. Proceeds are planned to be spent on the construction of new power units at Dobrotvir TPP. The company Dobrotvir TPP-2 was established in 1998 as a subsidiary of Zakhidenergo to construct and operate new power units (yet to be constructed units #9, #10 and #11 at Dobrotvir TPP). Alexander Paraschiy: Zakhidenergo is once again looking for ways to finish construction of a 225MW unit#9 at Dobrotvir. The unit’s construction was frozen in the mid-1990s due to a lack of financing, and Zakhidenergo has been seeking to resume the project for the last 4-5 years. As Zakhidenergo has been unable to find appropriate debt financing of the project, an additional share issue by JStC Dobrotvir TPP-2 looks like one of the most realistic ways to secure financing. The estimated cost of finishing the construction of Dobrotvir’s power unit #9 is USD 190-200 mln.

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