22 Mar 2019 17:18

Rusnano received 1.47 bln rubles from sale of Hevel stake

MOSCOW. March 22 (Interfax) - Rusnano received 1.47 billion rubles from the sale of its stake in solar power company Hevel, the nanotech company said in a 2019 financial report to Russian Accounting Standards (RAS).

Rusnano signed a deal in November 2018 to sell 49% of LLC Hevel with Ream Management.

Ream Management already owned 5% of Hevel at the time so the deal boosted its stake to a controlling 54%. Mikhail Sivoldayev is the owner of Ream Management.

Rusnano said it would continue to participate in the Hevel project as the main creditor. The current principal debt of members of the Hevel group of companies is over 10 billion rubles.

In August 2018 it emerged that Beluna Investments Limited, which is part of Viktor Vekselberg's Renova Group, had lowered its stake in Hevel LLC from 51% to 46%, leaving Rusnano with 49%. Ream management owned 5%.

Hevel was founded by Renova and Rusnano in 2009 as Russia's first manufacturer of thin-film solar modules. The group manages 907.5 MW of solar energy projects according to its website.