Russia’s largest solar power plant to be built in the Republic of Kalmykia
The Russian Direct Investment Fund (RDIF), Russia’s sovereign wealth fund, and Fortum, a leading Nordic energy company are investing in a joint project to build a solar power plant with a capacity of 116 MW located in Kalmykia region, in the south of Russia. The power station will become the largest solar energy facility in Russia.
The first stage of the project with a capacity of 78 MW is set to start in the fourth quarter of this year. Once completed the PV power plant will supply electricity to the wholesale market. The second stage of the solar project ramping-up to 116 MW is scheduled for 3-4Q of 2022.
The solar power plant in Kalmykia will be built following the result of a competitive selection of investment projects for the construction of generating facilities using renewable energy sources held in 2018 and 2019.
Alexander Chuvayev, Executive Vice-President of Fortum and Head of the Russia Division, said: “The construction of the largest solar power plant in Russia will help develop our cooperation with RDIF. An ambitious joint project in renewable energy will contribute to both the development of an innovative industry in Russia and the establishment of Kalmykia as one of the leaders in the use of clean, renewable energy. Fortum is a consistent supporter of active actions on the climate agenda and is committed to the goals of sustainable development and the principles of responsible investment.”
Kirill Dmitriev, CEO of the Russian Direct Investment Fund, said: “The investment in the construction of a solar power plant in Kalmykia is aimed at developing a joint platform with Fortum and creating one of the largest renewable energy players in the Russian Federation. An important part of the project is the use of Russian made equipment. RDIF expects significant growth in the renewable energy segment in Russia in the coming years and intends to make a significant contribution jointly with partners to the creation of new eco-friendly energy capacity.”
Hevel Group will supply solar modules to the project. Comprehensive renewable energy facilities growth plan for Kalmykia is expected to cut the local energy generation deficit by 2022.