The Altai region of Russia will soon be receiving over $147 million worth of new solar PV power plants as per the recent signing of a partnership between the state-run construction firm Avelar, the state-owned company Khevel (Hevel) Solar, and the government of the region.
This — pretty substantial — investment into solar energy in the region by the Russian government certainly isn’t the first such move, but it is an important one, and represents an uptick in development in the region.
As it stands, there are a number of other large projects being developed in Altai — totaling over $400 million in investments and 120 MW of capacity. This new deal will add another 45 MW or so of capacity to that.
Avelar is currently aiming for construction to finish and the plants to come online by the year 2018. The power generated by the plants will be sold on the wholesale energy and power markets.
The new deal isn’t surprising given recent announcements by the Russian government. As we reported previously, the Russian Ministry of Energy has predicted that state and private investment into Russia’s solar industry will climb to around US$ 4.2 billion annually by the year 2020.
Also reported previously, a good deal of this investment growth is expected to be state-backed, via firms like Hevel. Private investment is of course expected to rise notably as well, but is perhaps a bit harder to predict — with many complex factors to consider. Either way, the market is one to watch.