Russia to provide Cuba with 1.2-bln-euro export credit for construction of power plants

(Interax, Moscow, 20 October 2015) The Russian government has approved the allocation to the Cuban authorities a state export credit for up to 1.2 billion euro for financing the construction of four generating units for thermal power plants (TPP) on the island: one 200-megawatt power unit at Maximo Gomez and three 200-MW units at Eastern Havana. The project will be implemented by Russia's Inter RAO Export LLC, a subsidiary of Inter RAO UES and Cuba's Energoimport, part of Union Electrica. The terms of the project will be spelled out in the contract on upgrading the capacity of the power stations. Under the terms of the agreement, Cuba will exempt Inter RAO and contractors from payment of profit taxes and customs fees, and their employees will be exempt from individual income taxes.