RUSNANO, Renova Form Solar Module Production Company

The Supervisory Council of the Russian Corporation of Nanotechnologies (RUSNANO), has approved the corporation's participation in a project to produce solar modules using thin-film technology.

‘We are talking about creating the largest base in Russia for the production of solar [modules],’ says Anatoly Chubais, CEO of RUSNANO. ‘This is the most significant investment in alternative energy on the territory of the Russian Federation.’

The new company is to be established under the project at Khimprom's industrial park in the city of Novocheboksarsk in the Chuvash Republic. The company will realize the entire cycle of production for solar modules. Its planned capacity will be 1 million solar modules per year, or the equivalent of 120 MW per year, according to RUSNANO and Synova.

The core participants in the project are RUSNANO and RENOVA Group, and total investment in the project is 20.1 billion rubles. RUSNANO will contribute 3.7 billion rubles to the equity of the new company. In addition, the corporation will offer the project company a loan of 9.8 billion rubles. RUSNANO will hold a 49% equity share in the project company. RENOVA will own a 51% stake and will be responsible for development of the business.

The project is scheduled to start in the third quarter of this year and reach the planned capacity in the fourth quarter of 2011. The company's revenue in 2015 is estimated at 10.3 billion rubles.

SOURCE: RUSNANO

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