Avelar Energy Group — part of Russian financial conglomerate Renova, owned by Russian billionaire Viktor Vekselberg — has signed an agreement with France’s Schneider Electric to establish a joint production of inverters for solar power plants in Russia.
The new plant is to be built in the city of Angarsk in Siberia’s Irkutsk Oblast.
According to Schneider plans, the new facility will produce inverters designed for100-200 MW solar power capacities per year.
If the project is successfully implemented at the initial stage, the partners have not ruled out the possibility of expanding their cooperation in the next several years.
Under the terms of the agreement, the companies will also establish an engineering center in Russia, which will focus on the maintainance of inverters for the period of 15 years.
In addition to Avelar, Schneider will also have a right to supply inverters to other local energy companies, specializing on the development of solar power and in particular Evrosibenergo, another Russian energy company, which has recently announced its plans to build a solar power plant with a capacity of 5.2 MW in Abakan.
According to analysts’ estimates, the Russian market of inverters will continue to grow during the next several years and will reach RUB 20 billion (US$500 million) by 2020, also taking into account the current state plans to increase the capacities of solar power generation up to 1.5 GW by 2020.