The Government of Russia’s Republic of Karelia and Chinese state corporation Sinomec (China State Energy Engineering) have agreed to build a wind farm for $140 million, according to the Head of the Republic of Karelia’s Press Service. The sides signed an agreement on cooperation in the development of the region’s energy system.
“We plan to build a 60 MW offshore wind farm in the Kemsky district. The total amount of funding is estimated to reach approximately $140 million. The implementation of the project is scheduled to take place from 2017-2020,” the announcement says.
The Chinese corporation Sinomec intends to participate in the financing of the project together with the Russian Direct Investment Fund.
“Wind power generation is just beginning to be developed in Russia. In fact, Karelia is the second region outside of the Ulyanovsk region where such a project will be launched,” highlighted the Karelian Governor Alexander Khudilainen. The project proposes that more than 65% of the equipment needed will be made in Russia.
This is the second joint project of Karelia and Sinomec Corporation. The two sides have already been working together on the construction of the Beloporozhskaya hydropower plants.