The EDB to finance Solar Systems’ construction of the Oktyabrskaya solar power plant in Astrakhan Region for up to RUB 2.0 billion

The Eurasian Development Bank (EDB) and Pyataya Proektnaya Kompaniya (Fifth Project Company) signed an agreement to finance the construction of the Oktyabrskaya solar power plant in Russia’s Astrakhan Region for a total of up to RUB 2.0 billion.

The project is in the energy sector, which is one of the EDB’s priorities as determined by its strategy for 2018-2022. It will promote the development of renewable energy sources and help to diversify the energy balances of the EDB member states.

The Oktyabrskaya plant is expected to tackle capacity and power shortages in the region and improve electricity supplies.

Pyataya Proektnaya Kompaniya is a subsidiary of Solar Systems, one of Russia’s largest players in the solar power market. 

Solar Systems was established by Amur Sirius (China) in March 2014 to construct and operate solar power plants in Russia. It is currently running projects in Astrakhan and Volgograd Regions, as well as Stavropol Krai. In the nearest two years, the company plans to build solar power plants in Volgograd Region and the Republic of Bashkortostan.

The Eurasian Development Bank (EDB) is an international financial institution founded by Russia and Kazakhstan in January 2006 with the mission to facilitate the development of market economies, sustainable economic growth, and the expansion of mutual trade and other economic ties in its member states. The EDB's charter capital totals US $7 billion. The member states of the Bank are the Republic of Armenia, the Republic of Belarus, the Republic of Kazakhstan, the Kyrgyz Republic, the Russian Federation, and the Republic of Tajikistan.

Solar Systems’ Press Service:

Yana Kapinos, +7-495-514-14-07, ext. 405, kys@solarsystems.msk.ru,

The EDB Media Centre:

Alexander Savelyev +7 (985) 765 23 59 (Moscow)

Azima Sapargaliyeva +7 (777) 750 00 08 (Almaty)

Sergey Gorbachev +7 (916) 727 22 00 (Moscow)