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Publish Date : 02-Nov-2017

The Eurasian Development Bank (EDB) and Solar Systems have signed a credit agreement to promote green power engineering in Russia. The signing ceremony took place in Moscow in the course of the 12th EDB Conference Eurasian Integration. The following officers acted as signatories: for the EDB Konstantin Limitovskiy, EDB Deputy Board Chairman; for Solar Systems Mikhail Molchanov, General Director. The deal is designed to assure further development and strengthening of bilateral cooperation in implementation of green power investment projects.

According to the agreement, the EDB will allocate RUB 1.6 billion to finance construction of a 15 MW photovoltaic power station (PVPS Promstroymaterialy) in Astrakhan Region. The effective term of the credit agreement is 10 years.

This is the second agreement between the EDB and Solar Systems. The first agreement was signed in late September 2017. It also envisages extension of a RUB 1.6 billion credit to finance expansion of PVPS Zavodskaya with an installed capacity of 15 MW (already in operation). Both projects are being implemented in Astrakhan Region.

Power engineering projects are one of our top priorities. They account for almost 25% of EDB project portfolio, noted Konstantin Limitovskiy, EDB Deputy Board Chairman. The signing of this document represents our joint contribution to development of green power engineering and, as a consequence, improvement of environmental situation in our country.

We highly appreciate our cooperation with the Eurasian Development Bank, and believe that our investment partnership facilitates further development of solar generation in Russia, helps reduce atmospheric air pollution in Astrakhan Region and other regions where we are going to implement our subsequent projects, and boosts tax revenues received by state budgets at all levels. We believe it is symbolic that we begin our cooperation with the EDB in 2017 which has been announced the Year of Ecology in the Russian Federation, said Mikhail Molchanov, Solar Systems General Director.

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