Evrofinance Mosnorbank, the Moscow-based bank, recently announced that the organization had extended credit lines of $36.8 billion each to two electricity-generating companies in Russia, TGC-5 and TGC-6.
TGC-5 operates power plants in the Chuvashia, Udmurtia and Kirov regions and Mari El, and TGC-6 is the main power company in Nizhny Novgorod, Vladimir, Ivanovo and Penza regions, as well as Mordovia.
The two electric power-generating companies produce power from such sources as coal, natural gas, fuel oil and peat. TGC-5 operates 22 power plants in its regions, and TGC-6 operates 27.
Evrofinance Mosnorbank was created through the 2003 merger of Evrofinance Bank and CB Mosnorbank. Evrofinance Bank was established in 1993 when a financial company of the same name reorganized; CB Mosnorbank was established in 1995 as a subsidiary of Moscow Nardony Bank Ltd.