Russia’s Vnesheconombank is keen on the environmental benefits of renewable energy and hence the financing of the Boguchany Hydroelectric Power Plant (HPP), one of the largest construction projects in Russia that has been financed by the Bank since 2010.
The launching of the HPP project has become a significant event considering its impact on employment generation and its capacity to meet almost a third of total demand for power in Krasnoyarsk Region. This gave a powerful impetus to the economy of the region and Siberia as a whole. It also enhanced the reliability of its power system and, at the same time, increased the share of renewable energy generated in Russia.
The HPP is being constructed as part of the ‘General Layout of Electricity Facilities’ until 2020 approved by the Resolution of the Russian Government on February 22, 2008 and the ‘Integrated Development of Lower Angara Basin’ investment project approved by the Resolution of the Russian Government on November 30, 2006 and implemented with government support using funds of the Investment Fund of the Russian Federation.
The project involves cutting edge technologies that minimize its environmental footprint, including from a more than 350 km.-long water reservoir built in the valley of the Angara River. The project initiators ran its social and environmental evaluation in line with the requirements of Russian laws and international standards, including the Equator Principles and guidelines of IFC and the World Bank Group. All nine (9) hydro units of the hydro power plant have already been commissioned, with reservoir bed currently being filled to the designed level.
The Boguchany Hydroelectric Power Plant was winner of the 2016 ADFIAP Outstanding Development Project Award under the Infrastructure Development Category.