RUSNANO & Renova To Produce Thin-film Solar Modules

The Supervisory Council of the Russian Corporation of Nanotechnologies (RUSNANO) has approved the corporation’s participation in a project to produce solar modules using thin-film technology.

“We are talking about creating the largest base in Russia for the production of solar modules. This is the most significant investment in alternative energy on the territory of the Russian Federation,” said Anatoly Chubais, RUSNANO’s CEO.

A new company will be established under the project. It will be based in the city of Novocheboksarsk in the Chuvash Republic. The company will be responsible for the entire cycle of production for solar modules. Its planned capacity is to be one million solar modules per year, the equivalent of 120 megawatts per year. The core participants in the project are RUSNANO and Renova Group.

Total investment in the project is 20.1 billion rubles [US $647 million]. RUSNANO will contribute 3.7 billion rubles [US $119 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 $315 million].

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