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

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