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06 December 2016

Gazprombank Finances Construction of Solar Power Stations in Russia

Gazprombank has completed the second phase of a deal worth over 6.8 billion rules with subsidiaries of Hevel to finance the construction of 7 solar power stations in the Republics of Bashkortostan and Altay and in Orenburg Region. The loan facility has been granted for a period of more than 10 years.

The completion of this deal marks a new stage in the collaboration between Gazprombank and Hevel to finance projects in the renewable energy sector. The Bank has now provided loans totaling in excess of 9.3 billion rubles for construction of solar power stations with an overall capacity of 100 MW.

The Hevel Group of Companies is engaged in an extensive programme of investment in new solar power stations in Russia. “Hevel’s total project portfolio currently exceeds 364 MW and its partnership with Gazprombank will accelerate the addition of new solar generation within the country,” said Hevel’s CEO Igor Shakhray.

“This increase in funding for Hevel’s subsidiaries testifies to the trust built up between the Bank and its client, and to the successful execution of projects already funded in the renewable energy sector”, said Vadim Dormidontov, Deputy Head of the Project and Structured Finance Department.