Vnesheconombank and Rosseti Plan to Develop Investment Cooperation

During the Russian Investment Forum in Sochi Vnesheconombank and Rosseti, Public Joint Stock Company signed a cooperation agreement.

On behalf of Vnesheconombank the document was signed by its Chairman, Sergey Gorkov, and on behalf of PJSC Rosseti by the General Director, Oleg Budargin.

The Parties determined the following priorities for their bilateral cooperation:

  • support of investment projects in Russia and abroad including those carried out together by the companies from the Asia Pacific Region;
  • support of innovative technology development in the power industry;
  • implementation of import substitution projects;
  • implementation of projects promoting energy efficiency;
  • provision of associated banking and investment services.

The bank, in its turn, is ready to develop for the company and its entities customized financial solutions and technologies and to negotiate the service terms and conditions given the specific implementation procedure of certain projects.

Chairman of Vnesheconombank Sergey Gorkov: “VEB is ready to invest in the projects that adopt best practices in the energy efficiency sphere. These are, first of all, smart grids. We are also interested in the projects of the National Technological Initiative, the breakthrough technologies in which Russia has a competitive edge.”

“The agreement with Vnesheconombank that we signed today means the development of our cooperation. We agreed on the key areas on which our further coordinated actions will be focused. I am sure that the implementation of projects in the context of the agreement will contribute to the achievement of the global development tasks of the power industry,” Oleg Budargin emphasized.

The parties expressed confidence that the realization of joint projects under this agreement will promote the growth of the Russian economy and the expansion of Russia's global presence in the world energy market.

State Corporation "Bank for Development and Foreign Economic Affairs (Vnesheconombank)" is a national bank for development, one of the biggest Russian financial institutions. It was founded in 1924, and since 2007 it functions under a special federal law "On the Bank for Development”. Its supreme managing body is the Supervisory Board, governed by Dmitry Medvedev, Chairman of the Government of the Russian Federation. According to the 2021 Development Strategy, VEB is going to focus on financing the projects of high-scale redistribution in industry, developing infrastructure, supporting non-resource exports, assisting the transfer of military technologies to civilian ones, supporting innovations and projects by the National Technological Initiative.

Rosseti, Public Joint Stock Company, an operator of energy grids in Russia, is one of the largest electric companies in the world. The company maintains 2.30 million km of power transmission lines, 490,000 substations with a transformer capacity of over 761 GW. In 2015, its net power supply to consumers amounted to 720.5 billion kWh. The number of employees of the Rosseti Group of Companies is 216,000 people. The asset portfolio of PJSC ROSSETI includes 37 subsidiaries and affiliates, including 14 interregional and a main network company. The controlling shareholder of the company is the state represented by the Federal Agency for State Property Management of the Russian Federation, which owns 87.9% of the share capital.

PJSC ROSSETI is a leading company in the Russian market in introducing innovative technologies to the main and distribution grid complex. The company pays a great deal of attention to such issues as energy conservation, energy efficiency, international cooperation, environmental protection and occupational safety.

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