Sustainable financing for wind energy
ROSATOM’S SUSTAINABLE PRACTICES
FOR WIND ENERGY
- VetroOGK-2 (within the NOvaWind management circuit))
- Russian companies interested in obtaining discounted financing for "green" projects
In July 2020, Gazprombank was selected as a financial partner of Rosatom State Corporation in the wind power plant (WPP) construction project. The Bank will provide VetroOGK-2 with a loan of 40 billion rubles on favorable terms until 2032 for the construction of the 2nd stage of the wind farm, rated at 340 MW.
Loan terms are linked to the fulfillment of sustainable development (SD) target indicators during the construction and operation of the Wind Power Plant. The Bank has approved the following SD indicators, which, if met, result in a discount on the interest rate:
- generation of 2.7 thousand GWh or more of renewable energy at wind power facilities;
- at least 70% of the WPP component suppliers are certified according to ISO 9001;
- Environmental conditions in the vicinity of wind power facilities will not deteriorate.
A technical consultant will be hired to confirm that the SD indicators are met.
The construction period of the wind farm will be 2 years, with the supply of electricity to the wholesale electricity and capacity market (WECM) to begin in 2022.
This project is the first one for Rosatom where a sustainable financing mechanism has been implemented, which is extremely important in the context of solving the tasks of long-term and sustainable development. Similar deals in other areas are planned for the future.