RDIF announce the completion of smart power meters installation project in Kaliningrad, Tula and Yaroslavl regions
Moscow, March 27, 2020 – The Russian Direct Investment Fund (RDIF, Russia’s sovereign wealth fund) and partners from the Middle East announce the completion of a pilot project from the “Construction of Smart Grids” project installing smart power meters, jointly with PJSC “Rosseti”, in the Kaliningrad and Tula regions.
As a result of the project, energy losses in 0.4–20 kV networks have decreased significantly: from 30% to 15% in the Kaliningrad region and from 26% to 12% in the Tula region. More than 100,000 smart power meters have been installed since 2014-2016 when RDIF and partners of the Fund invested in the project.
The “Construction of Smart Grids” project was approved by the Decree of the Government of the Russian Federation in 2014 and is being implemented with the assistance of the National Wealth Fund.
Kirill Dmitriev, CEO of the Russian Direct Investment Fund, said:
“The "Construction of Smart Grids" project is an example of effective co-investment with foreign partners of the NWF with guaranteed and attractive returns. The implementation of such a significant project by RDIF for the Russian economy has demonstrated that with proper structuring, the return and efficiency of the NWF investment can be higher than the investment in US treasury bonds. Thanks to implementation of this project, the efficiency of the country's energy sector has increased significantly. More than 100,000 smart power meters, installed during the implementation of the project, have produced a significant economic effect due to the reduction of technological losses in electric power networks.”
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 80 projects with foreign partners totaling more than RUB1.7 tn and covering 95% of the regions of the Russian Federation. RDIF portfolio companies employ more than 800,000 people and generate revenues which equate to more than 6% of Russia’s GDP. RDIF has established joint strategic partnerships with leading international co-investors from more than 15 countries that total more than $40 bn. Further information can be found at www.rdif.ru
Public Joint Stock Company Rosseti is an operator of energy grids in Russia and is one of the largest electric companies in the world. The company maintains 2.35 million km of power transmission lines, 507,000 substations with transformer capacity of more than 792 GW. Rosseti is a leading company in the Russian market in introducing innovative technologies to the main and distribution grid complex. The company pays great attention to such issues as energy conservation, energy efficiency, international cooperation, environmental protection and occupational safety. Further information can be found at www.rosseti.ru/eng/about/history/
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