The main source of financing of the investment program of “Federal Grid Company of Unified Energy System” OJSC will be the own funds of the company, the Chairman of the Management Board of FGC Andrey Murov said, these funds will primarily include tariff revenue, VAT recovery, as well as charges for technology connection to the UNPG.

      “Borrowed funds will make up a minimum share in the financing of the investment program. Above all, they will be targeted for debt refunding. The company plans to maintain Net Debt/EBITDA index at the level of 3” - Murov announced.

      At the end of 2013 the total loan portfolio amounted to 282.3 billion roubles, and the net debt made up about 240 billion. Thus, Net Debt/EBITDA was at the level of 2.6-2.7. FGC is discussing the possibility of raising 50 billion roubles from the Pension Fund (PFR) in the form of infrastructure bonds as a way of refinancing offers on bonded loans in 2015-2016, taking into account the proposed conditions of such borrowing. 100 billion roubles were received in this form in 2013. However, in case FGC fails to raise additional 50 billion from PFR, the company will be able to raise them from the market, Murov noted. Besides, FGC considers the sale of non-core assets, however, such decision may be made only by the government, the Chairman of  the Management Board said.