Siberian Utility Plans Upgrade

Irkutskenergo, a Siberian utility controlled by Oleg Deripaska, plans to spend 3.25 billion rubles ($120 million) to upgrade facilities and may sell shares to finance new power plants.

The Irkutsk-based utility's board also approved plans for bank loans and bonds, chief executive Andrei Konovalov said Thursday in an e-mailed statement.

The company may sell as much as 5 billion rubles in bonds, Konovalov was cited by Interfax as having said on Wednesday.

Irkutskenergo may build a gas-fired 330-megawatt power plant near Taishet, where Deripaska's United Company RusAl is adding an aluminum smelter.

The utility may also build three 110-megawatt power units in Irkutsk and a 1,200-megawatt gas-fired plant near Ust-Kuta.