Russia’s investment fund ready for electric power projects with India

Russian Deputy Energy Minister Vyacheslav Kravchenko has requested the country’s 15 largest electric power companies to send the list of economically efficient projects that can qualify for co-financing from Russia’s Direct Investment Fund (RDIF), business newspaper Vedomosti reported on Friday.

Russian Deputy Energy Minister Vyacheslav Kravchenko has requested the country’s 15 largest electric power companies to send the list of economically efficient projects that can qualify for co-financing from Russia’s Direct Investment Fund (RDIF), business newspaper Vedomosti reported on Friday.

The newspaper said it had a copy of the letter sent by the deputy energy minister to the power companies on February 16.

According to the letter, the ministry’s official said the electric power companies should submit the basic parameters, the financial model and the description of the strategic importance of their projects.

The Energy Ministry expects relevant proposals until February 25, the paper said.

Investors from Asian and Middle Eastern countries are showing great interest in Russia’s electric power sector, an RDIF representative said.

The letter was the result of negotiations held by the RDIF with the Energy Ministry and electric power companies on potential joint projects. Specifically, the RDIF is studying some projects with partners from India, he said, without giving any further details.

The Russian Direct Investment Fund is an investment vehicle created to draw foreign investment to Russia’s economy. The RDIF can invest $10 billion on its own while financing provided by co-investors should equal no less than the Fund’s share.

The RDIF has already approved $1.3 billion investment and attracted over $6 billion in funds.

In the electric power sector, the RDIF cooperates with Russian Grids power grid operator and General Electric and holds a stake in Enel Russia power company.

First published by TASS.

All rights reserved by Rossiyskaya Gazeta.

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