Moscow, June 5, 2020 — On June 1, 2020, Gazprombank and the Renewable Energy Development Association (REDA) signed a cooperation agreement. The document was signed by Alexey Belous, Deputy Chairman of the Gazprombank Management Board, and Alexey Zhikharev, REDA Executive Director.
The Renewable Energy Development Association is a non-profit organization representing participants in the renewable energy sources (RES) sector, aimed at stimulating investments and promoting the use of renewable energy generation in Russia. Gazprombank, in turn, is a recognized leader among creditors in Russia’s renewable energy sector. The Bank accounts for over 60% of all funded projects in the country’s RES sector.
The agreement is aimed at cooperation in the field of developing the Russian RES market, improving its legal framework — including optimizing rules and financing instruments, as well as sharing experience in the implementation of projects associated with energy management.
“Recognizing the strategic potential and significance of energy projects based on renewable energy sources, Gazprombank is paying close attention to this area of work. It lets the Bank hold leading positions in a number of segments of the RES market,” commented Alexey Belous. “We always work smoothly and efficiently with REDA, since it is one of our key partners. I am certain that the additional coordination of our joint efforts stemming from the agreement will lend a positive new impetus to the project financing of RES in the country.”
“The cooperation agreement fully complies with one of the priority work areas of the Renewable Energy Development Association – shaping a favorable investment climate in the sector. Cooperation with Gazprombank provides opportunities for the joint search for solutions in the improvement of financing mechanisms for RES investment projects, capital raising and the development of reliable financial instruments. Since Gazprombank is one of the project-financing leaders on the Russian market, including innovative and socially-significant projects, this experience will be extremely interesting for Association members and important for optimization of the regulatory system as a whole,” emphasized Alexey Zhikharev, Director of the Renewable Energy Development Association.