According to Yakutia prime minister Paul Marinychev, the funds will be invested as part of the program of the development of wind power and other renewables in the republic by 2016. The move has been approved by Yakutia president Yegor Borisov.
According to Borisov, the main obstacle for the mass adoption of wind power technologies in Yakutia has been the lack of a legal framework to guarantee a return on investments.
Borisov said there was a need wind projects. The new facilities should replace the existing diesel power plants, which come with high operational costs in far-east Russia.
Currently the cost of such energy is associated with RUB 20-40 ($1-2) per kilowatt hour.
According to estimates of the Yakutian government, by 2016 up to 70% of all wind power plants, scheduled for building in the Russian Far East, will be buillt in Yakutia.
Several wind projects may be commissioned in Yakutia already in the coming months by RAO Energy System of East, the largest supplier of electricity and heat in eastern Russia.
Last month, RAO Energy said it was considering investing up to $200 million in developing wind in eastern Russia by 2016-2017.