Industrial Investors to Launch Production of Solar Power Elements in Russia

MOSCOW. July 25 (Interfax) – The Industrial Investors Group plans to set up Russia’s first vertically integrated company for manufacturing solar power elements, primarily for export.

The project was presented in Moscow on Tuesday by a group of managers, led by Anton Danilov-Danilian, the head of the presidential experts group and head of Business Russia public organization’s experts council.

The project will be managed by the Solar Power company, formed in 2006 by Industrial Investors, Danilov-Danilian said.

The project is estimated at $114 million, 30% of which is to be provided by Industrial Investors and the management.

Danilov-Danilian also said that, talks on drawing resources are under way with large Russian banks, but foreign resources would be welcome, too. Some foreign companies have shown interest in investing in the project under long-term export contracts.

Overall sales under the Solar Power project, according to the most conservative assessment, could be $272 million in five years, and net profit top $77 million. One tenth of the overall investment has been made already, he said.

The company hopes to enter the stage of final talks with banks and investors in about six months on drawing additional resources, produce a feasibility study and negotiate the project with various agencies, Danilov-Danilian said.

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