Russian millionaire to invest 20 million euros in building solar power plants in Southern Europe

photo: dpa picture alliance

Jelena Baturina, a Russian millionaire and a wife of Yury Luzhkov, former Moscow mayor, plans to invest about 20 million euros in the building of several solar power plants in Italy and other countries in the south of the EU.

As part of these plans, Baturina through its Russian subsidiary Inteco has already signed an agreement with the German Re-Pro for the joint implementation of the project. The partners have not ruled out the possibility of doubling of investments in the near future.

Total capacity of the plants is expected to reach 135 MW. Payback period of the projects is estimated at about five years.  

Russian analysts believe that the new project could be beneficial for Inteco. According to Igor Ahmerov, CEO of Avelar Energy, one of Russia’s leading companies in the field of solar energy, the level of return of the project is estimated at 15%-17% per annum.

Philippe Meyer, CEO of Re-Pro, declined to comment.

Elena Baturina is not the only Russian investor, which operates in the EU market of solar power generation. Avelar Energy, which is owned by another Russian billionaire Viktor Vekselberg, so far, has also had a solid presence in the EU and had plans for its further expansion. However, due to a significant reduction of support of the EU industry of solar energy, which has been recently announced by the governments of some EU states, the company has announced its plans to focus its activities on the markets of emerging nations of South Africa, India, Chile, Pakistan, Indonesia and some other countries.

Eugene Gerden

Similar Entries

Ingeteam has reached the milestone of 50 GW in the supply of power converters for renewable energy plants. To obtain the same amount of power from coal, it would have been necessary to burn 36 million tons of coal that would have emitted 110 million tons of carbon dioxide.

DHYBRID, the leading German solution provider for PV hybrid, energy storage and smart-grid projects, has announced its partnership with QOS Energy, the data intelligence cloud specialist, to monitor PV hybrid and energy storage plants. DHYBRID will benefit from the versatility of QOS Energy’s monitoring software, which is unique in its ability to aggregate data from all types of energy sources onto one single analytics platform.

Russian solar modules manufacturer and PV project developer Hevel Group and Russia’s leading precious metals mining group Polymetal signed a contract on building a 1 MW solar power plant at one of the mines located in Khabarovsk region (Russia’s Far East).

Pict: Welink

Allianz Capital Partners on behalf of Allianz insurance companies has closed today the acquisition of the 46 MW Ourika project (“Ourika”) in Portugal. The solar farm is fully operational and has been developed by the WElink Group (“WElink”).