One of several dozens of small hydro-electric power stations, namely, the Lyaskelya hydroelectric power station (Karelia) of closed joint stock company Nord Hydro (CJSC Nord Hydro), to be constructed under the project funded by State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’has been granted the first in Russia certificate of qualifying the generation facility as a facility operating on the basis of a renewable source of energy.
The said certificate granrted to the power station is practical evidence of applying legislation in providing government support for the renewable energy industry. Having received the certificate, the hydroelectric power station is able to sell its energy on a higher priority basis at a separate green tariff to energy network companies to compensate for network losses.
“We hope sincerely that the path run by CJSC Nord Hydro jointly with Vnesheconombank will also open doors for implementing projects in the renewable energy industry (water, wind and the sun) for other private investors searching for opportunities to build efficient facilities in the alternative energy sector. We are determined to advance this kind of projects both in the Republic of Karelia and in other Russia’s regions”, said Vnesheconombank Deputy Chairman Mikhail Poluboyarinov.
“Vnesheconombank’s participation in its own right is a formal expert examination of our projects’ viability. One of the most important elements in the construction and reconstruction of such hydroelectric power stations are long-term credits and we receive them thanks to Vnesheconombank”, said CJSC Nord Hydro Managing Director Alexei Vinogradov.
Under the credit agreement concluded at the end of 2011, Vnesheconombank extended a credit line worth 1.6 billion rubles to CJSC Nord Hydro for a period of up to the end of 2016 to fund projects on the construction and reconstruction of small hydroelectric power stations in the Republic of Karelia.
These projects’ implementation is in line with objectives set forth in the Strategy for Energy Development of the Russian Federation in so far as it relates to decentralized electricity supply of electricity-deficient regions, increased electricity supply reliability as well as to development and increased proportion of ecologically clean renewable sources of energy in the energy balance.
This project fits into the Memorandum of Vnesheconombank’s Financial Policies in so far as it relates to funding investment projects aimed at removing Russia’s economic growth infrastructure restrictions including development of energy infrastructure, increased natural resources utilization efficiency, environment protection and increased energy efficiency
State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ is a key instrument for pursuing government economic policy. Vnesheconombank’s activity is aimed overcoming economic growth infrastructure restrictions, increasing natural resources utilization efficiency, developing high-technology industries, implementing projects in special economic zones, environmental protection projects, supporting small and medium-sized enterprises, providing support for agricultural and industrial exports and services, among other things, in order to diversify national exports. Electricity power engineering and projects in increased energy efficiency are among main priorities of Vnesheconombank’s investment activity.
CJSC Nord Hydro was set up in 2007 to implement small hydrogenation projects (up to 25 megawatts). The company owns 3 functioning small hydroelectric power stations. It plans to construct and reconstruct about 120 hydro-technical facilities with a total capacity of 130 megawatt with electricity production of up to 900 million kilowatt-hours per year until 2020.
Press Office of Vnesheconombank
Phone: +7 (495) 608-46-93, Fax: +7 (499) 975-21-34
E-mail: press@veb.ru
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