Gazprombank buys 49.5% of Rosatom wind unit VetroOGK

Wind turbines in Kalmykia, Russia. Featured Image: Falkon Capital. License: All rights reserved

March 6 (Renewables Now) - State-owned Russian lender Gazprombank announced last week it has bought a 49.5% stake in the wind development subsidiary of domestic nuclear energy company Rosatom.

VetroOGK, which last month signed agreements for the deployment of 600 MW of wind power capacity in the South of Russia, will continue to be controlled by Rosatom. The wind power firm has 970 MW of wind projects in its pipeline after it won contracts for 610 MW and 360 MW of wind power capacity in local auctions in 2016 and 2017, according to the nuclear group’s website. The capacity is planned to be put on stream between 2018 and 2022.

Gazprombank is already a major lender to VetroOGK. Last summer, the bank agreed to extend a RUB-63.1-million (USD 1.1m/EUR 904,300) loan to the company to support the development of wind power projects.

(RUB 10 = USD 0.178/EUR 0.143)

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Veselina Petrova is one of SeeNews Renewables most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.

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