LEU attracts USD 40 mln from VTB Bank

The Luhansk Energy Union (LEU), an unlisted power distribution monopoly in eastern Luhansk region announced yesterday that it received the first tranche of USD 40 mln of loan from VTB Bank (total volume of the loan is USD 130 mln). Proceeds will be spent on modernization and to finance its acquisitions. LEU is a private company controlled by Konstantin Grigorishyn’s Energy Standard Group. Earlier this year, the Anti-Monopoly Committee of Ukraine allowed LEU to acquire controlling stakes in Kharkiv CHPP#3 and Simferopol CHPP.