Sep 7 – Russian solar company Hevel and Korea’s Hyundai Corp (KRX: 011760) will develop together solar-diesel power projects in the Russian Far East with a 40-MW target.
The two companies and the Agency for Investment Attraction and Export Support in the Russian Far East on Wednesday signed a trilateral agreement to help ensure stable power supply for people living in isolated areas through hybrid solar-diesel power systems.
Hevel and Hyundai will be in charge of the technical and financial aspects of the projects.
Hevel, a joint venture between asset management group Renova and government-owned technology company Rusnano, makes solar photovoltaic (PV) at its plant in Novocheboksarsk, Chuvash Republic. Its CEO Igor Shakhray said tests have shown that in areas with high solar radiation solar-diesel power systems can cut diesel use by up to 50%.
In a separate statement yesterday, Hevel announced that it has agreed with the local government to build 1.6 MW of hybrid solar-diesel power plants in the Republic of Tuva, which is not in the Far East.