Amur Sirius, the power firm from China plans to invest up to 45 billion rubles ($1 billion) in Russian solar energy by next year, business daily Vedomosti reported.
Russia is a country experiencing climate variations and even if the country is rich in hydrocarbon resources, the government is taking steps to promote green energy.
Solar Systems, a subsidiary of Amur Sirius, will construct a solar panel factory in Alabuga of Russia’s Tatarstan region next year.
The total cost of the project is expected to be between 6 billion and 9 billion rubles and the plant should be completed by 2016.
Recently, Solar Systems won tenders to build 175-megawatt solar power plants in three Russian regions, which will be commissioned between 2016 and 2018.
With continued bidding for new projects in Russia, Amur Sirius plans that total investment in Russia could reach 45 billion rubles.
Moreover, the government offers subsidies and incentives for green energy sales, with minimum guarantee of return on investment.
However to qualify for the scheme, solar plants have to use domestically produced equipment, hence the Tatarstan factory.
Besides, Solar Systems are considering new projects in Kazakhstan, Armenia and Eastern Europe.