Xevel to invest $85 million in Russian solar projects

Rusnano and Renova hold respective shares in Xevel of 51% and 49% and will contribute as much to the investment.

Renova on its website claims to be Russia’s "leading private business group," which is made of asset companies and portfolio investment funds having stakes and managing assets in metals mining, oil, machine building, mining, nanotechnologies and other fields, both in Russian and abroad.

Rusnano was established by the Russian government to boost commercialized developments in the nanotechnology sector, according to the Rusnano website.

Xevel was founded by the two in 2009 to take on production of narrow band gap polymers-based photovoltaic cells.

If all goes accordingly, Xevel is set to launch several solar plants over 600 MW by 2020.

In addition, the companies have agreed on implementation of a set of measures aimed at furthering development of high-tech solar energy projects.

Specifically, Renova is obligated to provide Xevel a loan of $155 million for refinancing some of its loss-generating activities in which Rusnano holds a stake.