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Moscow, 2 February 2004. RAO "UES of Russia" has receives final bids for the tender to run North-West CHPP* from the Scandinavian energy company FORTUM and the consortium headed by the Italian company ENEL and the Russian company ESN.
The tender to run North-West CHPP was announced pursuant to the resolution of the Board of Directors of RAO "UES of Russia" taken in September 2003. The tender invited the leading international energy companies meeting the pre-qualification criteria. Ten companies took part in the pre-qualification stage of the tendering process which included financial and legal inspection of North-West CHPP, examination of the power plant site, consultations and negotiations with RAO "UES of Russia" and advisors regarding the structure of the contract and the mutual obligations of the parties.
The final bids submitted will be reviewed by the Tender Commission of RAO "UES of Russia" in accordance with the established selection procedure designed to ensure maximum transparency and equal treatment of all bidders. At the first stage, the bids will be reviewed for compliance with the pre-qualification criteria and the terms and conditions of the contract to run the power plant as approved by the Board of Directors of RAO "UES of Russia". The next stage will involve analysis and assessment of the technical and financial aspects of the bids. To ensure openness of the selection process, members of the Board of Directors of RAO "UES of Russia" who are not related to the companies participating in the tender have been entitled to appoint their observers to attend meetings of the Tender Commission.
The successful bidder will handle the day-to-day running of North-West CHPP, oversee the construction of the second generation unit of the plant and the heating main, and raise funds needed to complete the construction project.
JPMorgan acts as adviser of RAO "UES of Russia" with respect to financial aspects of the tender to run the power plant, whereas the legal firm Akin Gump Strauss Hauer & Feld LLP handles the legal aspects.
* North-West CHPP is located in Leningrad Region. This combined-cycle binary power plant is the most technologically advanced power plant in Russia. The first generating unit of the power plant with an installed capacity of 450 MW was put into operation in December 2000. The second generating unit with an installed capacity of 450 MW is under construction and is scheduled for commissioning in 2006.
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