EDB/IIB (Russia) (NDB-edbiib-russia)

Countries
  • Russia
Where the impacts of the investment may be experienced.
Financial Institutions
  • New Development Bank (NDB)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
Bank Risk Rating
U
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Jul 16, 2016
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
Eurasian Development Bank (EDB); International Investment Bank (IIB)
The holder of the loan, grant, or other investment.
Sectors
  • Energy
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 100.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Loan Amount (USD)
$ 100.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Project Cost (USD)
$ 161.90 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Primary Source

Original disclosure @ NDB website

Updated in EWS Jan 17, 2018

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Project Description
According to NDB website, Russia has vast untapped renewable energy resources, with non-fossil fuel based energy currently only accounting for 3% of total primary energy consumption of the country. In Karelia, a federal subject of Russia, energy generation capacity is low, with power imported from other regions of Russia. Power supply in Karelia is still not sufficient. Developing power generation projects in Karelia using renewable sources will help tackle this challenge and contribute to the region’s sustainable development. In this context, the project, with Nord-Hydro as a model project, is designed to enhance power generation capacity in the region and facilitate renewable energy development. The project is in alignment with the New Development Bank’s objective to accelerate green financing and promote renewable energy development. The NDB will provide two loans to support Eurasian Development Bank (EDB) and International Investment Bank (IIB) to on-lend to renewable energy projects. The two loans will finance the Nord-Hydro project to increase energy supply in Karelia region through renewable energy resource. The project is supported by the Russian government with a preferential tariff. With this project, a small dam and two hydroelectric generation plants will be constructed, providing a total installed capacity of 49.8 MW. A 220 kV power transmission line of 10-km will be constructed.
Investment Description
  • New Development Bank (NDB)
Contact Information
New Development Bank Email Address: projects@ndb.int