Group E4 Secured Contract for Construction of New Power Plant in Ugra

23.07.2009 — News

UGRA.

OJSC Fortum selected a contractor for the construction work on the Niagan GTPP project in Ugra. The contract worth 13 billion roubles (around 300 million Euro) went to a Russian engineering company Group E4.

Group E4 won the tender in August 2008 for the supply, installation, and commissioning of main equipment and the management of the Niagan GTPP project as a whole. It was then also that the company signed an agreement with Siemens for the production of turbines and generators for the plant.

The press service of OJSC Fortum informed RusBusinessNews that the site for the station is ready and that the construction work will begin in the summer 2009. More than 3000 people will work on the construction.

The Niagan GTPP will consist of three blocks 420 megawatt each. It is expected that the first block will be started up by the end of 2011. The total cost of the plant is estimated at 1.4 billion Euro. Resources obtained during the additional issue of shares of TGK-10 (previous company name of Fortum) in March 2008, bank loans, and bond loans will be used to finance the project.