IFC to invest $950,000 in the development of renewable energy sources in the region

International Finance Corporation (member of the World Bank Group) will invest $950,000 in the development of renewable energy sources in Tomsk Region over two years.

The agreement was signed by Sergey Zhvachkin, Governor of Tomsk Region and Tomasz Telma, IFC Director for Europe and Central Asia. The agreement involves investments of $950,000 (30.3m rubles) in renewable energy sources in Tomsk Region. The Administration of Tomsk Region, in its turn, will invest in the project premises and human resources worth around $30,000.

Currently, only 1% of energy generated in Russia comes from renewable sources. According to the document, Tomsk Region has significant potential for the development of renewable energy sources based on wood biomass, wind, solar and geothermal energy.

"Development of renewable energy sources in Russia is one of IFC's priorities. It is important that we have found partners in Tomsk Region. It has very powerful research resources which provide opportunities for development and utilization of the potential of renewable energy sources," Mr. Telma said.

Background: IFC is an international financial institution and a member of the World Bank Group. It is headquartered in Washington, D.C., United States. IFC provides loan, equity and structured financing, risk management products, and advice to stimulate private sector growth in the developing countries.

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