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Gazprombank will invest in wind farm construction

26.02.2018

On February 20, 2018, a subsidiary of Gazprombank OOO GPB-Vetrogeneratsiia purchased 49.5% shares in the project company JSC "VetroSGC", which is implementing an investment project for the construction of wind farms in Russia. The majority share of JSC "VetroSGC" remains in the ownership of the entities of State Corporation Rosatom. JSC "VetroSGC" plans to get their wind farms operational in 2018-2022 as per obligations under the renewable capacity delivery agreements.
This transaction is the next stage in the financing of the first large-scale project in the Russian wind energy sector, where Gazprombank acts for the first time not only as a creditor, but also as a co-investor in green energy. Let us remember that earlier, the Bank and JSC "VetroSGC" signed an agreement on the provision of loan funds in the amount of 63.1 billion rubles for a period of up to 10 years.

"With the acquisition of new competencies in the field of pre-project preparation, arrangement of local content in manufacturing and the supply chain of wind energy together with the Bank, we are also increasing the expertise in financing large-scale innovative projects, which is undoubtedly the project for the construction of the first wind farms in Russia", said Director General of JSC "VetroSGC" Mr. Alexandr Korchagin.

"Today's transaction is an important step for the Bank in its new role as an investor in the renewable energy sector. We see a great potential in the development of Russian wind energy industry and look forward to the creation of a shareholder value as a result of cooperation of our project teams", said Mr. Alexei Belous, the Deputy Chairman of the Managment Board of Gazprombank.

JSC "VetroSGC" is managed by JSC "NovaWind" (100% is owned by JSC Atomenergoprom) and acts as an operator of a project for the construction and operation of wind farms (WFs). JSC "VetroSGC" is a member of the "NP Market Council” Association and is included in the register of entities of the wholesale electricity market (OREM) (suppliers of electricity and capacity – owners of generating equipment). In 2016 JSC "VetroSGC" won a tender for the construction of 26 wind generation facilities with a total capacity of 610 MW, and in 2017 it won another 360 MW. As a result of all competitive selections, the capacity of JSC "VetroSGC" facilities is 970 MW (40% of the total volume of selected wind farms).