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Government provides additional support for Russian industry

RUSSIA: The energy ministry has increased support for its emerging wind industry in a bid to attract more foreign investment.

Russian energy minister Alexander Novak (centre)
Russian energy minister Alexander Novak (centre)

The volume of investments in the development of renewables in Russia should reach $53 billion by 2035, of which about $10 billion will be allocated to wind power, according to recent statements by Russian energy minister Alexander Nova.

Additional state support for the industry over the next several years will also help to achieve these plans.

In early November, the government approved a package of measures to increase the investment attractiveness of the Russian renewables industry.

The new measures introduce a price correction factor to compensate investors for their possible losses, associated with devaluation of the Russian currency.

It has also added the option of extending the set period required for a wind project to start delivering power by up to one year. At the same time the level of local content requirement for wind turbines in Russia was set at 25%.

According to Russian analysts, these additional benefits for investors in wind power and other renewables in Russia is very timely, because of the new tenders scheduled for the start of December, for projects designed for the period of 2016-2019.

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