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Add to Preferred SourcesThe Eurasian Development Bank (EDB) and Enel Rus Wind Azov (Enel Russia’s 100% subsidiary) signed a RUB 9.5 billion long-term loan facility agreement to finance the construction of a 90 MW wind farm in Azov District, Rostov Region. The long-term loan in the Russian roubles resulted from an agreed financing scheme based on the mechanism of renewable power supply agreements and the Bank’s ability to raise necessary long-term funding in the national currency.
The Azov wind farm will generate some 300 GWh a year and ensure a significant reduction in hydrocarbon emissions. It will supply electricity to the wholesale market as an eligible generating facility based on renewable energy sources under respective power supply agreement. The wind farm is scheduled to be commissioned in 2020.
According to Russia’s local content requirements, 65% of equipment for the facility will be produced in Russia. The localised manufacture of wind farm components is expected to promote high-tech production in Russia, which, in turn, will foster the development of renewable energy sources in Russia and other member states of the Bank.
“Financing green energy projects is one of the Bank’s priorities. We are happy to support Enel Russia in implementing such an important wind power project in Russia,” Vsevolod Smakov, Head of Energy and Industry at the EDB, commented.
Original source: EDB
Published on 22 November 2018