St. Petersburg, June 3, 2021 — Gazprombank and design companies of the Wind-Energy Development Fund (a joint-investment fund established by Fortum PJSC and RUSNANO Group on parity basis) signed loan agreements to finance the construction of facilities with a capacity of up to 236.6 MW in Samara Region.
Gazprombank will provide loaned funds within the framework of project financing. Debt service and repayment will be covered by revenue under agreements for the supply of power from generating facilities operating using renewable energy sources (RES).
“Today, we’re taking another important step towards the strengthening of cooperation with Fortum and MC RUSNANO — our long-term strategic partners. This deal fully complies with the Bank’s ESG strategy. Russia has recently been posting a rapid growth of interest in green energy, and Gazprombank is taking active part in the financing of sustainable development projects. We have already funded over 60% of the country’s total RES projects,” said Alexey Belous, Deputy Chairman of Gazprombank’s Management Board.
“The financing of Wind-Energy Development Fund projects by the leading Russian banks demonstrates the high level of confidence in this emerging sector and serves as recognition of our accomplishments in this field: in 2020, despite the restrictions prompted by the COVID-19 pandemic, the Fund put wind power-plants with a capacity of 550 MW into operation. Moreover, our partnership with Gazprombank indicates that renewable energy is attractive for financial institutions, and this fact, in turn, serves as a prerequisite for the sustainable development of RES in Russia,” commented Alexander Chuvaev, CEO of Vetroenergetika Management Company.
“The participation of one of Russia’s largest financial institutions in the financing of Wind-Energy Development Fund projects indicates that renewable energy is attractive for large banks. This is enabling all RES-industry players to make deliberate investment decisions according to the principles of sustainable development and the ESG agenda. Interest in green projects is definitely growing in Russia, and a fully-formed industry ecosystem, including access to various financial instruments, will enable further promotion of the sustainable development of renewable energy in the Russian Federation,” said Alisher Kalanov, Head of the Investment Division at MC RUSNANO and Chairman of the Board of Directors at Vetroenergetika.
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Gazprombank ranks among the TOP 3 leaders of the Russian banking sector by main volume indicators (according to INTERFAX-100. Banks of Russia, www.finmarket.ru/database/rankings/), as well as among the largest financial institutions in Central and Eastern Europe.
Gazprombank provides a wide range of services to corporate and private clients. The Bank provides services to key sectors of the Russian economy — gas, oil, chemical and petrochemical, metallurgy, electric power, mechanical engineering, transport, construction, communications, the agro-industrial complex, trade and other industries. The Bank boasts many years of unique experience in the arrangement of project financing and placement of debt instruments on the Russian and international capital markets; the provision of financial and advisory services involving project, corporate and debt financing, as well as experience in the field of corporate investment management both in Russia and abroad.
Gazprombank’s retail business is focused on providing modern high-tech products and services. As of the beginning of 2021, the Bank was providing services to roughly 5 mln individual customers. The Bank’s retail loan portfolio as of year-end 2020 stood at more than RUB 660 bln, with a retail deposit portfolio in excess of RUB 770 bln.
The Wind-Energy Development Fund was established by Fortum PJSC and RUSNANO Group on a parity basis in order to invest in wind energy within the territory of the Russian Federation. Based on the results of competitive selection for investment projects involving the construction of generating facilities operating on renewable energy sources, the Fund won the right to construct a plant for wind generation of 1,823 MW. The wind farms must be put into operation by 2024. The Fund’s portfolio comprises 55% of Russia’s total WPP commissioning volume. The Danish company Vestas, one of the world’s largest manufacturers of wind-energy equipment, is one of the Fund’s technology partners. The manufacturing of primary wind-turbine components — blades and towers — is being localized with the participation of RUSNANO Group in Ulyanovsk and Taganrog (Rostov Region). Nacelles are being assembled at the enterprise in Dzerzhinsk (Nizhny Novgorod Region). The portfolio of Fund projects being implemented in the Rostov and Ulyanovsk Regions currently includes four wind-power plants with a total capacity of 350 MW. The portfolio of Fund projects at the implementation phase includes 745 MW of capacity (200 MW in the Republic of Kalmykia, 100 MW in Rostov Region, 340 MW in Astrakhan Region and 105 MW in Volgograd Region).