Russian public-private partnership Hevel Solar is planning to invest around RUB2.7 billion (US$83.7 million) into solar energy projects in Russia

Investment funds will come from Russian conglomerate Renova and Russian-state owned nanotechnology corporation Rusnano. Hevel Solar is a joint venture formed in 2009 by the two companies to develop clean solar energy in Russia.

According to a statement from Hevel Solar, Renova will loan RUB5 billion (US$154 million) to Hevel in total, but a percentage of this is expected to cover loss-making activities carried out by Rusnano’s other business divisions.

Renova owns 49% of the joint venture, while Rusnano owns 51%. The Renova Group is a private business group made up of asset management companies and direct and portfolio investment funds.

Hevel has already announced plans to build 600MW of solar capacity in Russia by 2020.

Rusnano is a joint-stock company aimed at commercialising developments in nanotechnology, founded and owned by the Russian state.