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January 28, 2021

VetroSGC-2 JSC and Gazprombank close finance deal for wind farm

VetroSGC-2 JSC, a project company of nuclear power firm Rosatom, and Gazprombank have completed a financing deal for a wind power project in Russia.

VetroSGC-2 JSC, a project company of nuclear power firm Rosatom, and Gazprombank have completed a financing deal for a wind power project in Russia.

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Delve into the renewable energy prospects for Morocco

In its new low greenhouse gas (GHG) emission strategy to 2050, submitted to the United Nations (UN), the Ministry of Energy Transition and Sustainable Development (MEM) of Morocco suggested to raise the share of renewable capacity in the country’s total power installed capacity mix to 80%.   Morocco currently aims to increase the share of renewables in total power capacity to 52% by 2030. The new strategy plans to increase the share of renewable capacity to 70% by 2040 and 80% by 2050.  GlobalData’s expert analysis delves into the current state and potential growth of the renewable energy market in Morocco. We cover: 
  • The 2020 target compared to what was achieved 
  • The 2030 target and current progress 
  • Energy strategy to 2050 
  • Green hydrogen 
  • Predictions for the way forward  
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The project company is part of NovaWind JSC, a wind energy project division of Rosatom.

Under the terms of the deal,  Gazprombank will provide VetroSGC-2 with $530m (RUR40bn) in financing over 12 years. Additionally, Gazprombank has secured a 49.5% stake in VetroSGC-2 while the controlling stake will be retained by Rosatom entities.

NovaWind JSC said it will commission the last 340MW wind power plant in December next year.

With this VetroSGC project, NovaWind JSC has a total portfolio of approximately 1.2GW of wind power projects. This represents about 35% of the wind energy market in Russia.

Gazprombank Management Board deputy chairman Alexey Belous said: “Successful experience in the VetroSGC project made it possible to arrange financing of the VetroSGC-2 project in the shortest possible time and optimise the level of support from the project initiators.

“With the VetroSGC project currently underway, the total Rosatom green capacity financed by the bank reached 1GW, with a value of over 100 billion rubles ($1.32bn).

“The focus on low-carbon energy sources has been growing significantly in recent years, and Gazprombank is actively financing sustainability projects.”

The bank has financed the first Rosatom project since 2017 to build 660MW of green capacity. Of this, 360MW has already been commissioned and the remaining 300MW is scheduled to begin operations by the end of this year.

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Free Report
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Delve into the renewable energy prospects for Morocco

In its new low greenhouse gas (GHG) emission strategy to 2050, submitted to the United Nations (UN), the Ministry of Energy Transition and Sustainable Development (MEM) of Morocco suggested to raise the share of renewable capacity in the country’s total power installed capacity mix to 80%.   Morocco currently aims to increase the share of renewables in total power capacity to 52% by 2030. The new strategy plans to increase the share of renewable capacity to 70% by 2040 and 80% by 2050.  GlobalData’s expert analysis delves into the current state and potential growth of the renewable energy market in Morocco. We cover: 
  • The 2020 target compared to what was achieved 
  • The 2030 target and current progress 
  • Energy strategy to 2050 
  • Green hydrogen 
  • Predictions for the way forward  
Download the full report to align your strategies for success and get ahead of the competition.   
by GlobalData
Enter your details here to receive your free Report.

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