RUSSIA TO DO THIN-FILM SOLAR

Russian Joint Venture Established for Thin-Film Solar
May 21, 2009 (Sustainable Business via Reuters)

"Russia's state-run nanotechnologies corporation, Rusnano, announced plans to form a joint venture with the U.K.'s Renovo Group to produce thin film solar modules…in the city of Novocheboksarsk in the Chuvash Republic. The company will [produce]…solar modules, with a planned capacity of one million solar modules per year--the equivalent of 120 megawatts (MW)…

"Total investment in the project is 20.1 billion rubles (US$638 million). Rusnano will contribute 3.7 billion rubles (US$117 million) to the equity of the new company. In addition, the corporation will offer the project company a loan of 9.8 billion rubles (US$311 million…Rusnano will hold a 49% equity share…Renovo will own a 51% stake and will be responsible for development…"

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"The project is scheduled to start in 3Q09 and reach the planned capacity in 4Q11. The company revenue in 2015 is estimated at 10.3 billion rubles (327 million)…[It] will work on increasing the effectiveness of the solar modules in cooperation with the Ioffe Physical Technical Institute of the Russian Academy of Sciences.

"The technology of micromorph silicon thin-film solar modules developed by Swiss company Oerlikon Solar, a world's leader in the solar energy market, is planned to be used as a basic technique."

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"Earlier the Supervisory Council of RUSNANO had approved the Corporation's participation in a project to establish Russia's first large-scale complex for production of polycrystalline silicon and monosilane, which are raw materials for the manufacture of solar batteries…Markets in countries in Southern Europe--Italy, Spain, and Greece--and Germany are primary targets for the sale of products.

"Avelar Energy Group (part of the Renovo Group), which installs and adjusts solar modules in Europe, will handles product sales. In the long term, up to 15% of the solar modules are to be directed toward the Russian market."