Russian government and business put up $80m for new solar capacity

Rusnano and Renova have announced an investment of more than $80m in new networks of Russian solar power plants with an aggregate capacity of 600MW.

Rusnano, Russia?s state-owned nanotech giant, and Renova, a large group of Russian companies operating across sectors, have unveiled plans to invest more than $80m in new networks of Russian solar power plants, news agency RIA Novosti reported last week. It is yet another investment approved as part of the companies? joint strategy to develop its asset called Hevel Solar, the source said. The investors are expected to put up their contributions on a shareholding pro rata basis (Renova owns 51% of Hevel Solar, while Rusnano holds a 49% stake). The project calls for the installation of more than 600MW of new solar capacity over the next seven years. Avelar Solar Technology, a Renova asset, will be responsible for the construction phase of the project and is now expected to become a formal Hevel Solar subsidiary. In addition, Renova has announced plans to loan Hevel Solar another $150m to refinance more than half of Hevel?s debt to Rusnano. Hevel Solar develops and tests its solar technology using the advanced labs of the St...