The joint venture between Russian companies Renova and Rusnano, Hevel LLC, has experienced a flurry of activity over the last few months, as it looks to achieve its goal of developing more than 500 MW of solar projects by 2020. The most recent news is the initiation of construction on a 15 MW PV plant in Saratov in Russia, according to PRIME news agency, citing a spokesperson for the regional government.
The full investment required for the project is expected to be RUB 1.5 billion (USD 22.6M), with the construction expected to be finished in 15 months, according to the report.
The Russian company has been busy over the last couple of years, as it looks to become a force in both the manufacturing side of the solar PV industry and the project development side. Last year it announced that it was planning to build more than 500 MW of solar projects by the end of 2020. In its most recent announcement, Hevel stated that it is planning on building three solar plants in the Saratov Region in 2017-2018, with a combined capacity of 45 MW.
To supply the companys solar developments, Hevel launched a full-cycle solar cell manufacturing plant in Novocheboksarsk, last year. It was Russias first full-cycle plant for the manufacture of solar cells.
The manufacturing side of Hevels business seems to be thriving at the moment, as the company placed an order with Swiss production equipment manufacturer Meyer Burger for USD 22.5 million worth of production equipment that covers the entire PV value chain in June. Then just last month it placed another order for PV production equipment, this time with German company Singulus Technologies.