Antinuclear

Russia investing in solar and wind energy – (while Australian government tries to stop it

Australia’s renewables wipe-out; Russia’s solar steps Business Spectator  BLOOMBERG NEW ENERGY FINANCE  3 SEP 14 “……….while the renewable industry is battling to stay alive in the world’s smallest continent, the biggest country in the world – Russia – is doing much to spur development in solar and wind.

Six solar power generators are slated to be built in southern Russia by 2016, with Moscow-based VC/PE investor Bright Capital and Solar Management having agreed to invest RUB 10bn ($US277m). The plants are to have a total capacity of at least 90MW, according to a statement from a signing ceremony with Bright Capital managing partner Mikhail Chuchkevich, Solar Management’s Pavel Shevchenko and Astrakhan governor Alexander Zhilkin on the regional government’s website. At capex over $US3/W, the project should be able to meet the Russian local content requirement.

Wind power, which is not, so far, much of an energy source in the country, is getting a boost with Chinese Xi’an Electric and Hong Kong’s Goldwind International Holdings mulling building a factory in partnership. The plant will manufacture wind power equipment, according to engineering firm E4 Group. Electronic equipment for the plant would be supplied by Xi’an Electric Engineering, which is part of the China XD Group, according to the statement.

Goldwind is not the only Chinese manufacturer to express an interest in Russia. Similar plans have been announced by other Chinese companies such as Dongfang Electric. Several European manufacturers including Siemens and Vestas are also believed to be looking at Russia. However, the country’s stringent local sourcing rules and disappointing interest in past tender rounds for wind have had a negative effect on investors. Still, for Goldwind, a final decision may be close: on August 26, it suspended trading of its shares on the Hong Kong Stock Exchange and the Shenzhen Stock Exchange, pending the announcement of a “major event”.http://www.businessspectator.com.au/article/2014/9/

September 4, 2014 - Posted by Christina Macpherson | Uncategorized