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. Last Updated: 07/27/2016

$100M for Geothermal Station

The EBRD is to lend Russia almost $100 million to build an eco-friendly power station harnessing hot springs on the Kamchatka Peninsula to generate electricity, the bank said Wednesday.

The European Bank for Reconstruction and Development said the 85.6 million ecu ($99.9 million) loan to geothermal power station specialists Geoterm would finance construction of a 40 megawatt power station.

The station will account for 25 percent of power supplies produced by local electricity generator Kamchatskenergo when it comes on line in 2002, bank officials said.

Kamchatka, a region the size of California with volcanic springs and huge nature reserves in Russia's Far East, currently relies on oil to generate most of its power and is not linked to the Russian national grid.