Gazprombank has completed the second phase of a deal worth over RUB 6.8 billion with subsidiaries of Hevel (a joint venture between the Renova Group and Rosnano) in financing of the construction of 7 solar power plants in the Republic of Bashkortostan, in the Republic of Altay and in the Orenburg Region. The loan facility has been granted for a period of more than 10 years.
The completion of this deal marks a new stage of collaboration between Gazprombank and Hevel in financing of projects in the renewable energy sector. The Bank has by now provided loans with a total amount of more than RUB 9.3 billion for construction of solar power plants with overall capacity of 100 MW.
Hevel is engaged in an extensive program of investment in new solar power plants in Russia. “Hevel’s total project portfolio currently exceeds 364 MW and its partnership with Gazprombank will accelerate the commissioning of new solar generation within the country” said Hevel’s CEO Igor Shakhray.
“This increase in financing for Hevel’s subsidiaries testifies to the trust built up between the Bank and its client, and to the successful execution of the projects already financed by the Bank in the renewable energy sector”, said Vadim Dormidontov, Deputy Head of the Project and Structured Finance Department.