EBRD Supports Modernization Programme of EnergoMashSpetsStal

The European Bank for Reconstruction and Development (EBRD) supports the program of modernization of OJCS EnergoMashSpetsStal (EMSS), which is being implemented by the Russian holding Atomenergomash (AEM).

The agreement on the provision of loan for the amount of $79 million to EMSS by EBRD was signed in Kiev. This loan will enable EMSS to restructure its previous debt obligations.

OJCS EnergoMashSpetsStal is the first nuclear power enterprise in CIS to obtain a loan from EBRD. The provision of this loan was previously approved by EBRD member countries.

Presently EMSS is undergoing a comprehensive technical upgrade of all major production facilities and processes, which is to be finalized in the second half of 2012. It will increase EMSS’s production capacity and product range, as well as improve company’s energy efficiency.

The comprehensive modernization will allow for nearly 25 per cent reduction of EMSS’s energy consumption per production unit.

An energy efficiency audit commissioned by the Bank identified necessary additional investments of $12 million. This will be partly financed by EBRD. These funds will, among other measures, help EMSS implement a modern Energy Measurement and Management System. In addition the EBRD/EIB Multilateral Carbon Credit Fund intends to purchase carbon credits that will be generated by the company in line with the implementation of modernization program and energy efficiency investments.

“We are consistently increasing our investments aimed to upgrade the production and technological basis of our companies and in order to implement energy efficiency measures. The agreement with EBRD – one of the leading financial institutions in the world, is very symbolic for us. It demonstrates the transparency of the modernization program of OJCS EnergoMashSpetsStal and compliance thereof with international standards. This agreement is creating new openings for the dynamic development of our Ukrainian company,” said Natalya Yarosh, Director for Economics and Finance of AEM.

AEM has acquired a majority shareholding in EMSS in 2010. The entry into AEM enabled the Ukrainian company to significantly expand its cooperation with nuclear power industry sector, including in the sphere of the supply of semi-finished metallurgical products for the manufacture of the equipment of reactor and turbine halls at NPPs. EMSS is currently a supplier to all major energy companies such as Alstom, Toshiba, Siemens, BHEL, GE, Rolls-Royce, Fuhrlander, for nuclear sector, metallurgy, shipbuilding, alternative energy sector. A large share in the portfolio of EMSS’ orders is accounted for by AEM group of companies, among them Engineering Plant ZiO Podolsk, AEM-technologies, and by other Russian power machine building companies.

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