Vnesheconombank will consider its involvement in the construction of RES-based distributed retail generation

At the St. Petersburg International Economic Forum, VEB and Solar Management signed an agreement for cooperation on the construction of a total of 99 MW of RES-based distributed retail generation facilities in the Krasnodar Territory and the Republic of Adygea.

The signatories included Alexey Ivanchenko, Vnesheconombank's Deputy Chairman and Member of the Management Board, and Sergei Dzhurinskiy representing Solar Management. The project has been presented by Olga Ukhanova, Regional Manager, as part of Vnesheconombank’s new approach to relations with Russian regions. The total project cost is c. RUB 10 bn.

"The Krasnodar Territory and the Republic of Adygea are the sunniest Russian regions, and as such are well-positioned for implementing RES-based power generation projects. This mainly regards solar energy, an easily available, inexpensive, green, and renewable source of energy. We are ready to examine and assist in preparing proposals for financing similar projects. All the more so, that our strategy until 2021 covers this area," said Alexey Ivanchenko.

"We are interested in consistent development of the retail RES market. Returns on retail RES generation projects are comparable to wholesale projects since both the wholesale and retail RES markets are driven by the same basic economic assumptions. We are currently planning to implement this comprehensive project in the retail market of the Krasnodar Territory and the Republic of Adygea together with our regional partners, VIE. Vnesheconombank's support will help us roll out the project to other regions," commented Mikhail Chuchkevich, Managing Partner at Solar Management, currently in China at negotiations with potential partners about the project.

Press Office