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IFC Helps Develop Renewable Energy in Russian Far East

Moscow, Russia, July 24, 2013— IFC, a member of the World Bank Group, signed an agreement with Mobile Energy to develop renewable energy sources in Russia’s Far East, improving power supply reliability and cutting greenhouse gas emissions.  
As part of the framework agreement, IFC will help Mobile Energy develop an investment plan and technical documents for building up to six hybrid wind-diesel power facilities in the Russia’s Far East region.
”Developing wind power in isolated areas is our priority, and we are happy to partner with an international organization that has experience in this sector,” said Yuri Mirchevski, CEO of Mobile Energy. “This cooperation with IFC will enable us to obtain independent economic assessments that ensure the sustainability of our projects.”
The new power plants will help decrease fuel imports, increase energy efficiency, and introduce about 10 MW of new power capacity — enough to provide electricity to more than 10,000 people.
“The cost of energy in some isolated regions of Russia’s Far East is over 50 rubles per hour, said Patrick Willems, manager of IFC’s Russia Renewable Energy Program. “Developing renewable energy is a viable economic alternative that will reduce costs and stabilize energy supply.”
In fiscal 2012, IFC invested $436 million in 22 companies to support climate-friendly investments in renewable energy, energy efficiency, and water provision across Europe and Central Asia. IFC oversees 37 advisory projects that aim to increase investment by providing advice to governments and businesses. IFC also works to reduce its environmental footprint by making its regional facilities carbon-neutral.
Russia became a member and shareholder of IFC in 1993. Since then, IFC has invested more than $10 billion in the country, including $3.2 billion in syndicated loans, and has been involved in 270 projects across a variety of sectors. IFC’s investment portfolio in Russia stands at $2.3 billion, the fourth-largest country exposure for IFC globally.
About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. We help developing countries achieve sustainable growth by financing investment, mobilizing capital in international financial markets, and providing advisory services to businesses and governments. In FY12, our investments reached an all-time high of more than $20 billion, leveraging the power of the private sector to create jobs, spark innovation, and tackle the world’s most pressing development challenges. For more information, visit .
About Mobile Energy
Based in Moscow Mobile Energy is a 100-percent-owned subsidiary of RAO ES of East. The company supplies electric power to the most remote and hard-to-reach regions of the Russian North, mainly the Hanty-Mansi and Yamalo Nenets autonomous areas. The company is one of the country’s renewable energy leaders, focused mainly on wind and hybrid power generation in the Far East and Far North of Russia.