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Igor Shuvalov: VEB.RF Considering New Energy Projects Worth RUB350bn

26 september 2024 года
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Power infrastructure modernisation and construction will be one of VEB.RF’s focus areas in the coming years, VEB.RF Chairman Igor Shuvalov said on the sidelines of Russian Energy Week. According to him, the following segments of the energy industry are VEB.RF’s key priorities: modernisation of thermal power facilities and electric grids; renewal of water supply and wastewater disposal systems; waste management; renewal of electric transport. The Project Financing Factory mechanism will be used to support projects, and the total value of energy projects under consideration by VEB.RF is greater than 350 billion roubles.

Measures to boost power generation and related industries lay the foundations for future economic development in the country, according to Vladimir Putin, who said that “increased energy consumption in Russia is a clear sign of economic growth.”

Developing and upgrading the country’s power infrastructure are, therefore, among the main priorities of the private sector and development institutions. “The national development goals cannot be achieved without securing a reliable and resilient power supply. It is particularly important that proactive measures should be taken to expand electric power facilities in the Russian Far East, for example. VEB.RF works with its partners on projects that substantially enhance energy efficiency. These include the modernisation of thermal power facilities and electric grids, the renewal of water supply and wastewater disposal systems, waste management, and the renewal of urban electric transport,” said VEB.RF Chairman Igor Shuvalov at the Russian Energy Week forum. According to him, VEB.RF is considering participating under the Project Financing Factory programme in new projects to build and modernise generation facilities across the country for a total of more than 350 billion roubles.

VEB.RF makes these investments in partnership with large commercial banks. The value of transactions and financing under projects to upgrade cogeneration stations has totalled about 74 billion roubles to date, with VEB.RF’s commitment of 11.4 billion roubles. In addition, VEB.RF signed a cooperation agreement with PJSC RusHydro at the St. Petersburg International Economic Forum in 2024 to invest in the construction of new generation facilities in the Far East (the importance of carrying out these measures was emphasised by Vladimir Putin at the plenary session of Russian Energy Week). The total amount of funding from VEB.RF and partner banks is estimated at 650 billion roubles.

Efforts to enhance energy efficiency extend beyond the areas described above. The Energy-from-Waste project is aimed at dealing with the issue of waste accumulation, for example. The first energy-from-waste plant will begin operation this year. It is noteworthy that the comprehensive development programme for electric transport covers a whole range of big cities. Russian Deputy Prime Minister Dmitry Grigorenko was appointed to oversee the programme on behalf of the government. VEB.RF acts as the programme’s financier, project office and coordinator. The total value of the programme is more than 250 billion roubles.
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