The authorities of the Russian Republic of Karelia and Chinese energy company Sinomec agreed a deal at the end of 2016.
The capacity of the new offshore project is expected to be 60MW, with investments in the project amounting to an estimated RUB 9 billion (€142 million).
According to the agreement, the project will be funded by Sinomec together with the Russian Direct Investment Fund (RDIF), a $10 billion fund established by the Russian government in June 2011 to make equity investments in high-growth sectors of the Russian economy.
Implementation of the project is scheduled to start in Q3 2017.
Other details of the project were not disclosed, as the partners are currently finishing its feasibility study. The project is due to be completed by 2020.