Russia’s state-run nanotechnologies corporation, Rusnano, announced plans to form a joint venture with Renovo Group (W7A.BE) to produce thin film solar modules.
A new company is to be established in the city of Novocheboksarsk in the Chuvash Republic.
The company will engage in the entire cycle of production for solar
modules, with a planned capacity of one million solar modules per
year–the equivalent of 120 megawatts (MW).
“This is the most significant investment in alternative energy on the territory of the Russian Federation,” Rusnano CEO Anatoly Chubais said.
Total investment in the project is 20.1 billion rubles (US$638 million). Rusnano will contribute 3.7 billion rubles (US$117 million) to the equity of the new company. In addition, the corporation will offer the project company a loan of 9.8 billion rubles (US$311 million.
Rusnano will hold a 49% equity share in the project company.
Renovo will own a 51% stake and will be responsible for development of the business.
The project is scheduled to start in 3Q09 and reach the planned capacity in 4Q11. The company revenue in 2015 is estimated at 10.3 billion rubles (327 million).
Rusnano CEO Anatoly Chubais noted that “a part of the project, the establishment of a major research center, whose expenses for equipment alone will equal one billion rubles, lends it a particular significance.”
The center will work on increasing the effectiveness of the solar modules in cooperation with the Ioffe Physical Technical Institute of the Russian Academy of Sciences.
The technology of micromorph silicon thin-film solar modules developed by Swiss company Oerlikon Solar, a world’s leader in the solar energy market, is planned to be used as a basic technique.
Earlier the Supervisory Council of RUSNANO had approved the Corporation’s participation in a project to establish Russia’s first large-scale complex for production of polycrystalline silicon and monosilane, which are raw materials for the manufacture of solar batteries.
Additionally, the solar battery project will stimulate ancillary production within the territory of the Russian Federation, in particular the production of especially pure technical gases and special-purpose glass.
Markets in countries in Southern Europe–Italy, Spain, and Greece–and Germany are primary targets for the sale of products.
Avelar Energy Group (part of the Renovo Group), which installs and adjusts solar modules in Europe, will handles product sales. In the long term, up to 15% of the solar modules are to be directed toward the Russian market.
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