Two new hydropower projects with a total capacity of 50MW are to be built in the Republic of Karelia with the aid of the loan approved this week by the Eurasian Development Bank (EDB) and the New Development Bank (NDB).
The $50 million loan is to be used to help build the Beloporozhskaya 1 and 2 hydropower plants – implemented jointly with the International Investment Bank – as well as other ‘green’ projects, in the Russian Federation.
“EDB’s cooperation with the New Development Bank is important for the Russian economy. Financing the hydropower plants construction in Karelia is the first small-scale power generation project of this calibre in Russia and the first project arranged by attracting funds from the BRICS Bank in our country,” said Managing Director for Assets and Liabilities at the EDB Dmitry Ladikov-Roev, adding that “green projects are a key element of successful environmental policy implemented by the Government of the Russian Federation. This financing is also fully aligned with the mission and strategy of the EDB, acting as an environmentally responsible development institution.”
