RDIF and Schneider Electric implement their first joint project – increasing energy efficiency on Cotton Way’s production site
Press release, 15.10.2018
Moscow, 15 October 2018 – Russian Direct Investment Fund (RDIF), the sovereign wealth fund of Russia, and Schneider Electric, a global expert in energy management and automation, announce the first project of their partnership for energy saving technologies in businesses. The parties intend to work jointly to improve energy efficiency and reduce energy costs at Cotton Way’s production site. Cotton Way is an RDIF portfolio company and the Russian market leader for the rental and professional handling of textiles. A corresponding agreement was signed today at a session of the Foreign Investment Advisory Council (FIAC).
The project assumes optimizing the engineering infrastructure and installation of modern equipment that decreases energy consumption at Cotton Way’s production sites. The Cotton Way factory in Khimki will become the pilot project. In the future, the parties will also consider projects that improve energy efficiency at Cotton Way’s other sites.
RDIF and Schneider Electric will further cooperate to consummate mutually beneficial energy efficiency projects that serve the long term economic interests of Russia and France and promote economic co-operation between the two countries.
Kirill Dmitriev, CEO of the Russian Direct Investment Fund (RDIF), noted:
“We are delighted to facilitate the introduction of advanced energy saving technologies at our portfolio company, Cotton Way. Thanks to the partnership between RDIF and Schneider Electric, the company will be able to significantly decrease production costs and improve energy efficiency across the business. Schneider Electric is one of the global leaders in this field. Modernizing Cotton Way’s equipment will not only create new opportunities for the company, but will stand as an excellent example of how to improve efficiency at a production site and promote sustainable approaches to energy consumption for other production sites.”
Johan Vanderplaetse, Senior Vice President, President of Schneider Electric in Russia and CIS, said:
“At the time of digital modernization of the Russian economy and growing demand for energy-efficient solutions, we are ready to offer Schneider Electric’s expertise and world-class innovative solutions to the local market. The platform of the Foreign Investment Advisory Council in Russia and cooperation with organizations such as RDIF provide us with an excellent opportunity to implement such plans. Russia is one of the priority markets for us and we will keep investing in Russian economy.”
Alexander Utkin, CEO of Cotton Way, said:
“This project is an important step to realize Cotton Way’s corporate philosophy and a key pillar of our global strategy. Our company delivers efficiency to clients. Projects like the one we are realizing together with Schneider Electric and RDIF will allow us to further strengthen our market position and distinguish our offering from competitors.”
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 a global expert in energy management and automation. Total sales of the company are 25 billion euro per year. In Russia, the company owns 5 production sites, as well as logistics centers and two R&D centers − in Moscow and Innopolis. Over the past few years, Schneider Electric has invested more than 1 billion euro in Russian economy.
Cotton Way is the Russian market leader for rental and professional handling of textiles. Cotton Way invests in the creation of regional network of high-performance and energy efficient laundry factories. In 2014 the company opened the ‘Olympic’ production and logistics complex in Sochi. In 2017 it launched the first factory in Russia specializing in laundry and sterilization of textiles for medical institutions.
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