RDIF and Aggreko announce strategic partnership on microgrids
Press release, 20.03.2019
Moscow, March 20, 2019 – The Russian Direct Investment Fund (RDIF), Russia’s sovereign wealth fund, and UK’s Aggreko, a world leader in providing power, heating and cooling, have agreed to cooperate on the development of microgrids. The parties plan to invest in the construction of facilities that will provide uninterrupted power supply and temperature control to industrial enterprises and utilities in the Russian regions. The project is implemented under “the Order On National Goals and Strategic Objectives of the Russian Federation through to 2024” that has the development of distributed power among its goals. The agreement was announced today during a meeting between Russian President Vladimir Putin with the British business community.
Kirill Dmitriev, CEO of the Russian Direct Investment Fund (RDIF), said:
“The partnership with Aggreko is designed to secure the location of advanced technologies for distributed energy in Russia, ensuring a continuous power supply for companies from various sectors of the economy. It will make it possible to increase production efficiency and create additional opportunities for development, primarily in remote areas. This will enable the implementation of one of RDIF’s main investment objectives - the development of Russian regions”.
Chris Weston, CEO of Aggreko plc, said:
“The partnership with RDIF aligns with Aggreko’s strategy working at the forefront of a rapidly changing energy market to deliver efficient, technologically complex and affordable solutions to our customers. By reducing the cost of electricity and heating, businesses, authorities and households can free resources to fuel growth in Russia. The development of distributed power, particularly in isolated and remote territories, is one of the main infrastructure development priorities for the Russian Federation as per President Vladimir Putin’s “May 2018 Decree” and Aggreko are very much excited to participate in this development, which we know will make a positive impact on the local businesses and community”.
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. Currently, RDIF has experience of the successful joint implementation of more than 70 projects with foreign partners totaling more than 1.4 trillion rubles and covering 95% of the regions of the Russian Federation. RDIF portfolio companies employ more than 700,000 people, and generate revenues which equate to more than 5% of Russia’s GDP. RDIF established joint strategic partnerships with leading international co-investors from more than 15 countries that total more than 40 billion dollars. Further information can be found at www.rdif.ru
Aggreko plc is a FTSE company with headquarters located in Glasgow, 193 locations and many years of success in delivering flexible power and temperature control solutions with a total capacity of 10 GW worldwide. It operates one of its 6 global hubs in Tyumen, Western Siberia, with a comprehensive service and repair centre and localisation capabilities.
The company's strategy is to invest in technologies that help reduce the cost of energy supply for industrial and mining enterprises, power grid farms, technology parks and energy-intensive infrastructure facilities. In 2017, Aggreko plc acquired Younicos, a company specialized in the development of modular batteries and Microgrids control solutions.
Aggreko's business model assumes no cost to implement solutions, since the equipment is not bought by the customer, and the company's engineers provide the full range of energy supply services, including the construction of the necessary infrastructure. For plants that increase production, it is also important that it is possible to mobilize any capacity for the period of connection to the local power grids. This helps customers to accelerate the commissioning of new projects, to bring the term for earning income and to increase the profitability of their investments.
For additional information contact:
Russian Direct Investment Fund
Tel: +7 495 644 34 14, ext. 2395
Mobile: +7 916 110 31 41
Andrew Leach / Maria Shiryaevskaya
Tel: +44 (0) 20 7796 4133