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Russia

Russia

Lukerg looks to Russia for wind investment

RUSSIA: Russion oil conglomerate Lukoil is looking to halt long-term investments in wind projects in Romania and Bulgaria.

The comment came from Maxim Karnaukhov, first deputy general director of Lukoil-Ecoenergo. The company has a joint venture with ERG, Lukerg Renew.

Lukoil's decision comes after the two eastern European countries introduced significant cuts in renewable energy subsidies last year. This, according to Lukoil, has changed the investment climate.

The company is now considering investments in Russia, where a pilot 10MW wind farm in Kaliningrad might be expected next year, should Russia lift restrictions requiring equipment to be bought locally, said Karnaukhov.

He added that Kaliningrad in particular poses great opportunities for wind power because the region's isolation makes it hard for conventional types of energy to reach it.

Recent deals for Lukoil include the acquisition of two projects from Vestas for EUR 127 million. The projects are the 70MW Gebeleisis project in Romania, which has been operational since February and comprises 35 V90-2.0 MW turbines, and the 14MW Hrabrovo wind farm in Bulgaria, which has been operational since March 2012 with seven V90-2.0 MW turbines.

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