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Sustainability Report 2013


Vnesheconombank’s Olympic Projects

Winter Olympics 2014 became a nation-wide project that turned the Sochi resort into an advanced international tourist hub with an amazing growth outlooks. To make this possible, the contractors were to design and build, within tight timelines and actually from scratch, several ice rinks, ski facilities and ski tracks in a complicated mountainous terrain, as well as an immense number of touristic, transport and energy infrastructure facilities. Loans provided by Vnesheconombank and other state-owned banks proved instrumental to the financing of the Olympic project.

As part of preparations for Winter Olympics 2014, Vnesheconombank implemented tens of investment projects including large-scale sports facilities, an airport and a cargo seaport, advanced hotels, thermal power plants, and hundreds of kilometres of power grids and service lines constructed and commissioned. Our investment helped almost double Sochi’s hotel key count, while the local airport’s throughput capacity grew by almost two and half times. We also supported a range of ambitious projects promoting the development of the regional energy infrastructure that solved the issue of frequent rolling blackouts.

Vnesheconombank’s investment enabled the country to successfully host Winter Olympics 2014, but also to fundamentally improve the quality of life for Sochi residents. Most sports and touristic facilities built in preparation for the Olympic Games will serve for a long time, making Sochi an all-season world-class resort. The Olympics also considerably renewed the transport and energy infrastructure of the region and gave a strong impetus to the construction of social facilities such as hospitals, schools and childcare centres.

Success story


Construction and Operation of Roza Khutor Ski Resort

Project initiator/Borrower: LLC Company for Development of Mountain Ski Resort “Roza Khutor”

Total project value: RUB 68.4 bn

Vnesheconombank’s commitment: RUB 55.8 bn

As part of the project, the company has constructed the Ski Centre, Snowboard Park, Freestyle Centre, 2,600-bed Mountain Olympic Village, including hotel properties and apartment hotels, sports and training camps, ski pistes and ski-lifts.

Roza Khutor ski resort became one of the largest sports facilities built actually from scratch as part of preparations for the Sochi Winter Olympics. The resort hosted Olympic ski, freestyle and snowboard competitions. The project is included in the Programme for Construction of Olympic Facilities and Development of the City of Sochi as Alpine Resort approved by the Resolution of the Russian Government.

The project was fully commissioned in 2013. The project’s implementation has enhanced the investment case of the Greater Sochi as a ski resort and contributed to the development of the tourism infrastructure in the Krasnodar Territory. The project created more than 4 thousand new jobs.

Success story


Construction of Adler Thermal Power Plant

Project initiator: OJSC Gazprom

Borrower: LLC Gazprom Investprojekt

Total project value: RUB 28.0 bn

Vnesheconombank’s commitment: RUB 19.5 bn

Adler Thermal Power Plant built as part of the project, with an installed electricity capacity of 360 MW and thermal capacity of 227 Gcal/h, covered more than one third of the load during the Olympic Games. The project is included in the Programme for Construction of Olympic Facilities and Development of the City of Sochi as Alpine Resort approved by the Resolution of the Russian Government.

The Adler TPP opening ceremony was held on 21 January 2013 in the presence of Russian Prime Minister Dmitry Medvedev and Chairman of Gazprom’s Management Board Alexey Miller.

“This project is of specific importance as Adler TPP is the largest source of electricity and heat supply to Olympic facilities during Sochi Winter Olympics 2014... On the back of the existing energy shortages and the forecast load build-up in the region, the availability of an own generation source in the Sochi energy district will cut down the electricity overflow from adjacent energy systems and ensure reliable supply to consumers.”

Mikhail Poluboyarinov,
First Deputy Chairman of Vnesheconombank, Management Board Member

The operation of Adler TPP after the Olympics will ensure reliable electricity and heat supply to Sochi and its neighbouring territories and strengthen the region’s energy security due to lower consumption of energy from adjacent energy systems. The TPP is operated using advanced combined cycle electricity generation technologies that make natural gas use more efficient. The project also created 187 new jobs.