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OTP, MVM sign Ft 12.9 bln credit system

MVM Észak-Buda Projekt, a project company wholly owned by the Hungarian Electricity Works Zrt (MVM), signed with OTP Bank Rt yesterday a project-financing framework agreement for Ft 12.9 billion to build a heating plant in the north of Budapest.

OTP Bank is participating in the deal as an organizer, agent and account holder. The financing will include credit lines for investment costs, VAT and operating costs.
MVM Észak-Buda Projekt is building a Ft 15.4 billion gas-powered heating plant with a capacity of 49.9 MW in Budapest. MVM won a tender called by Főtáv Zrt, a heating company in north Budapest, to build the cost-saving, efficient and environmentally friendly heating plant in August 2005. The plant is expected to start up in 2008 and continue operating for 20 years.