On 12 December 2017, a project for the construction of two small hydroelectric power plants in Karelia, Russia supported by the New Development Bank was awarded as the best investment project of 2017 at “Small-scale Power Generation – Big Achievements” award ceremony held at Russian Chamber of Commerce and Industry. The award was accepted by Mr. Sergei Storchak, Director of the NDB.
The proceeds of a loan provided by the NDB are to be used for financing the construction of hydropower plants Byeloporozhskaya HPP-1 and Byeloporozhskaya HPP-2 with a combined capacity of about 50 MW in the Kem region of Karelia.
The financing for the project is provided through two international financial institutions – Eurasian Development Bank and International Investment Bank.
The project in Karelia was approved by the NDB Board of Directors on 22 July 2016, and the construction of the power plants was launched in October 2016. The two hydropower plants are planned to be completed in 2019.
The NDB was established by Brazil, Russia, India, China and South Africa to mobilize resources for infrastructure and sustainable development projects in BRICS and other emerging economies and developing countries, complementing the existing efforts of multilateral and regional financial institutions for global growth and development.
This year “Small-scale Power Generation – Big Achievements” award ceremony was held for the fifth time. The purpose of the award is to identify organizations that have made significant achievements in the field of small-scale and distributed energy generation.
New development bank