Bright Capital, Energy of the Sun invest $300 million in Russian PV plants

Bright Capital Management, one of Russia’s largest investment funds, is partnering with leading Russian solar developer Energy of the Sun to invest up to RUB 10 billion ($300 million) in the construction of six solar energy plants in Russia’s Astrakhan region with a combined capacity of 90 MW.

The new solar power plants will be built in Narimanov, Volodarskiy, Enotaevsky and other districts of the region, while their commissioning is scheduled for the end of 2015. The plants are expected to reach a total capacity of 90 MW.

According to Bright Capital managing partner Michael Chuchkevich, Energy of the Sun has the rights for the construction of 105 MW of solar capacity in the Astrakhan region and an estimated 435 MW for the whole of Russia.

The planned projects are among a number of solar endeavors announced in recent months by Russian companies.

Earlier this year, Yelena Baturina, the wife of former Moscow Mayor Yury Luzhkov, announced plans to invest €10 million in the development of solar energy in Italy and other countries in the south and south-east Europe.

Russian analysts predict bright prospects for the development of solar energy in the country. This is confirmed by the results of a recent tender for the construction of solar power plants in the 2015 to 2018 period, which resulted in application submissions for a total of 785 MW of capacity.