RDIF gets 1 bln rbl Wealth Fund money for Russian Grids’ project

Prime News, 29.12.2014

The Russian Direct Investment Fund (RDIF) said Tuesday it received the first, 1.08 billion ruble tranche from the National Wealth Fund to finance Russian Grids’ project to develop “smart grids”.

The project implies introducing smart metering systems, which would allow saving up to 15% of electric power in the country.

The total cost of the project was not provided.

Previously known as IDGC Holding, Russian Grids has stakes in 43 companies, including an almost 80% stake in the Federal Grid Company of Unified Energy Systems (FGC UES), which manages Russia’s electric power grids and provides services related to the electric power wholesale market.