Sberbank to finance construction of Solar Power Plant

Sberbank and Solar Systems Group have signed an agreement on opening lines of credit with a total limit of RUR 10.7 bln. The funds will be used to pay for the construction of Staromaryevka Solar Power Plant with 100 MW total capacity.

“The participation in such projects on creating renewable sources of energy is a promising area of the bank’s corporate business development. Today we have the opportunity to provide project financing, and we use it to implement capital intensive projects such as the construction of Staromaryevka Solar Power Plant,” Senior Vice President of Sberbank’s Corporate and Investment Business Block Vladimir Sitnov said.

The bank has already financed another Solar Systems Group project, the construction of Samara Solar Power Plant. The project includes three parts with 75 MW total capacity. Two of them have already been put into operation.

“Continued cooperation with Sberbank proves the mutual interest in implementing our projects. Sberbank’s professionalism and flexible approach to deal structuring help Solar Systems Group to achieve its goals on developing the renewable energy sector in Russia,”  CEO of Solar Systems LLC Mikhail Molchanov.

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