Central regions | Energy, utilities | Technology & innovation

IFC and Kaluga region to develop renewable energy

6 Apr '12
International Finance Corporation (IFC), a financial arm of the World Bank, and Kaluga region government have signed an agreement on cooperation to develop renewable energy in the region, Expert reports.

Under the agreement, IFC will help Kaluga region to analyze its potential of renewable energy resources, identify technological needs and investment attractiveness. IFC will also assist regional authorities in developing regional legislature, aimed at supporting investment into renewable energy.

Kaluga is the first Russian region to strike such agreement, with IFC and the practice can then be expanded into other regions. We have ambitious plans on developing renewable energy in the region, because we realize social and economic benefits of energy sources diversification. The cooperation agreement implies development of legislative base and growth of technological potential. The agreement is expected to facilitate investment inflow into regional projects on renewable energy, said Maksim Akimov, the deputy governor of Kaluga region.

According to IFC, Russia is number four on the list of countries with largest amount of greenhouse gases discharges. In 2010 Russian Government announced plans to grow the share of renewable energy from 0.8% at the time to 4.5% in 2020. Due to these two reasons, IFC expects to create a $20bn renewable energy market in the country within ten years.

Kaluga region has been selected as a pilot region to carry out IFCs program on development of renewable energy sources for two reasons. Firstly, Kaluga buys 90% of consumed energy from other regions, primarily Smolensk power station. Kalugas five thermal power stations are unable to significantly increase regional energy system capacity. Secondly, Kaluga region is the leader among Russian regions for development of complex industrial complexes. High-tech machine building concerns, located here, are also interested in having their own autonomous energy sources, including renewable energy sources.
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Locations: Kaluzhskaya oblast

Tags: IFC (26) / International Finance Corporation (19) / renewable energy sources (0) /

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