Rusnano board approves solar power JV strategy
MOSCOW. Oct 16 (Interfax) - The board of Russian nanotechnology company OJSC Rusnano has approved a new business model for LLC Hevel, in which Rusnano owns 49% and Renova - 51%.
The company was set up to produce solar modules based on the technology of Renova's Swiss subsidiary Oerlikon. Hevel will now focus on the construction of solar power plants, Rusnano said.
"Due to the uncertainty on the international photovoltaics market, together with the sharp decline in prices for solar modules and also in light of government initiatives to encourage the use of renewable sources of energy on the wholesale electricity and capacity market, the decision was made to develop a new strategy for Hevel," Rusnano said.
Hevel plans to launch over 600 megawatts of solar generation by 2020.
Renova will lend Hevel around 5 billion rubles to refinance over half of its debts to Rusnano. In addition, shareholders will provide Hevel with financing of 2.7 billion rubles, in proportion to their shares, to build solar power plants.
Renova company Avelar Solar Technology, which will become a Hevel subsidiary, will build the generating facilities.
Initial total investment in Hevel, established in 2009, was 20.1 billion rubles, of which Rusnano put up 13.5 billion rubles. Hevel posted revenue of 40.9 billion rubles in 2012 and net profit of 51.7 million rubles.
Earlier Renova Board Chairman Viktor Vekselberg said his company was willing to invest 15%-20% of the money raised in the sale of its share in TNK-BP (around $1 billion to $1.5 billion) in electricity. Renova's main electricity assets are consolidated at IES Holding. Also among its assets are Hevel and Avelar Energy, which is involved in solar energy projects.
