EDB provided 3.2 billion rubles loan to Solar Systems for construction of solar power plants/PRESS RELEASE
Eurasian Development Bank (EDB) and Solar Systems have signed a loan agreement to develop â€śgreenâ€ť energy in Russia. The signing ceremony took place in Moscow during the XII Conference of EDB named "Eurasian Integration". The document was signed by EDB Deputy Chairman of the Board Konstantin Limitovsky, from Solar Systems â€“ by CEO Mikhail Molchanov. This step is aimed at further development and strengthening of bilateral cooperation on investment projects in the field of â€śgreenâ€ť energy.
Under the agreement, EDB will allocate 1.6 billion rubles for the construction of a solar power plant in the Astrakhan region - SPP "Promstroymaterialy" with a capacity of 15 MW. The general term of crediting is 10 years.
This agreement was the second in the process of cooperation between EDB and Solar Systems. The first contract was signed in the end of September 2017. It provides for allocation of funds in the amount of 1.6 billion rubles for development of the project SPP "Zavodskaya" with an installed capacity of 15 MW (already put into operation). The location of both projects is the Astrakhan Region.
"Projects in the energy sector are among the priorities for us. In the project portfolio of EDB they occupy almost 25%, - said Deputy Chairman of EDB Board Konstantin Limitovsky. - The signing of this document is a mutual contribution to the development of â€śgreenâ€ť energy and, consequently, the improvement of the environmental situation in the country".
"We highly appreciate cooperation with Eurasian Development Bank, we believe that the investment partnership contributes to the development of solar generation in Russia, to reduction of atmospheric pollution in the Astrakhan region and the regions of our next projects, as well as to increase of tax allocations to budgets of all levels. It is symbolic for us that we begin cooperation with EDB in the Year of Ecology, announced in 2017 in the Russian Federation", - said Molchanov Mikhail, CEO of Solar Systems.
Solar Systems, LLC was established in March 2014 for the purpose of construction and operation of solar power plants on the territory of Russia. The company is currently implementing projects in Samara and Astrakhan Regions. Solar power plants in Volgograd Region, Stavropol Krai and the Republic of Kalmykia and Bashkortostan are planned to be constructed in the next three years. Due to commissioning of 15 solar parks, total installed capacity of power systems of these regions will increase by 335 MW. Cumulative investments will surpass 44 billion rubles.
The Eurasian Development Bank (EDB) is an international financial organization established by Russia and Kazakhstan in January 2006 to promote the development of the market economy of the participating countries, their sustainable economic growth and the expansion of mutual trade and economic relations. The authorized capital of EDB is 7 billion US dollars. The Member States of the Bank are the Republic of Armenia, the Republic of Belarus, the Republic of Kazakhstan, the Kyrgyz Republic, the Russian Federation and the Republic of Tajikistan.