Russian sovereign fund, partners built HPP water dam in Karelia

TASS, 30.07.2019

The consortium of investors consisting of the Russian Direct Investment Fund (RDIF) partnering with Nord Hydro company and Chinese and Middle East companies completed construction of a dam for Beloporozhskie Hydropower Plants in Karelia, RDIF says on Tuesday.

"The Russian Direct Investment Fund (RDIF, sovereign fund of the Russian Federation) in cooperation with partners from China and the Middle East and Nord Hydro company announces completion of work on the Kem riverbed spanning in the Republic of Karelia and creation of the key infrastructural element of future Beloporozhskie Hydropower Plants," the Fund says.

Construction of Beloporozhskie Hydropower Plants is the first joint project of RDIF and foreign partners in Karelia. Middle East funds and the New Development Bank established by BRICS countries are involved in the project, RDIF says. Construction started in 2016 and is scheduled for completion at the turn of 2019. Core equipment of the hydropower plant, including turbines and power generators, was produced in Russia. Capacity of hydropower plants will be 49.8 MW.

"Construction of Beloporozhskie Hydropower Plants makes an important contribution into unlocking energy potential of the region," RDIF chief executive Kirill Dmitriev said, cited by the Fund. "Application of modern technologies and equipment at the same time incentivizes ‘clean’ energy and mitigates risks related to environmental impact. The project demonstrates opportunities fort efficient attraction of foreign investments and significant potential of cooperation between the international business and Russian regions," Dmitriev said.

The Russian Direct Investment Fund was established in June 2011 and implemented more than 70 projects in 95% of Russian regions to date.