China’s Sinomec plans to co-finance an up to $139 mln offshore wind project in the Russian republic of Karelia with the Russian Direct Investment Fund (RDIF), it was announced on November 28, 2016.
The Chinese company and the government of the north-western republic on Monday signed an agreement on a cooperation in the energy sector.
The deal stipulates that Sinomec and RDIF will co-invest to build a 60-MW offshore wind farm in the period 2017-2020.
The plan is for more than 65% of the equipment used in the project to be manufactured in Russia.
The project is expected to create over 200 job positions during the construction phase and about 30 during operation.
Mainly local contractors will be hired for the construction of the plant.
Sinomec and the Russian fund are already working together on the construction of the Byeloporozhskaya hydropower plants.
The project is estimated at 9 billion rubles ($138,5 million).
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