RDIF signs agreement on investments in energy-efficiency technologies with Schneider Electric
Press release, 24.05.2018
St. Petersburg, May 24, 2018 - The Russian Direct Investment Fund (RDIF, the sovereign wealth fund of the Russian Federation) and the leading French company Schneider Electric have signed an agreement on joint investments in energy efficiency field. The agreement was signed today at the St. Petersburg International Economic Forum.
The agreement sets forth the framework for a large-scale cooperation program between RDIF and Schneider Electric to develop and implement modern energy efficiency technologies in Russia. The parties are considering implementation of the program through a joint venture, which will be responsible for financing energy-saving projects developed for businesses in the Russian Federation.
The venture’s business model does not require any investment or additional costs from potential clients. The pay-back of the joint venture investment will be achieved exclusively out of the additional profit generated by cost savings from the energy-efficiency technologies implementation.
Kirill Dmitriev, CEO of the Russian Direct Investment Fund (RDIF), said:
"The market for energy-efficiency in Russia is at the initial stage of development. We hope that together with Schneider Electric, a recognized world leader in the development and implementation of energy-efficiency technologies, we will be able to make such technologies easily available for companies throughout the country. It is noteworthy that as part of the joint program we are creating a product, which is unique for the Russian market. This will allow businesses to reduce production costs and significantly upgrade its facilities without diverting significant investment resources from their core business."
Jean-Pascal Tricoire, Chairman & Chief Executive Officer, Schneider Electric, said:
"Untapped potential of energy efficiency in key sectors of the economy ranges from 30%. We offer comprehensive solutions for cost optimization, while our experience in implementing such programs allows us to financially guarantee the result within the model of the energy performance contract. Cooperation with RDIF creates new opportunities for Russian companies to improve efficiency of their businesses and competitiveness of their products on domestic and world markets."
Russian Direct Investment Fund (RDIF) is Russia's sovereign wealth fund established in 2011 to make equity co-investments, primarily in Russia, alongside reputable international financial and strategic investors. RDIF acts as a catalyst for direct investment in the Russian economy. RDIF’s management company is based in Moscow. Further information can be found at www.rdif.ru
Schneider Electric is leading the Digital Transformation of Energy Management and Automation in Homes, Buildings, Data Centers, Infrastructure and Industries.
With global presence in over 100 countries, Schneider is the undisputable leader in Power Management – Medium Voltage, Low Voltage and Secure Power, and in Automation Systems. We provide integrated efficiency solutions, combining energy, automation and software. The company has been present on the Russian market since 1974. www.schneider-electric.com
For additional information contact:
Russian Direct Investment Fund
Tel: +7 495 644 34 14, ext. 2395
Mobile: +7 916 110 31 41
Andrew Hayes / Andrew Leach
Tel: +44 (0) 20 7796 4133