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Italia's Enel in talks with Russian banks on financing projects of two wind parks

The whole investment is around 400 mln euros, according to the company’s CEO Francesco Starace

ST. PETERSBURG, May 29. /TASS/. Italian energy concern Enel is negotiating with a number of Russian banks to raise financing for the construction of wind farms in Murmansk and Rostov regions. The company plans to conclude negotiations within several months, the company’s CEO Francesco Starace said in an interview with TASS at SPIEF-2018.

"Now we are talking to several institutions in Russia to raise the necessary funds in rubles. We still have time to finish that," he said, adding that the process might take several more months.

Starace did not elaborate on the exact volume of borrowing, but added that the project will also be implemented at Enel’s own expense. "The whole investment is around 400 mln euros, so of coursewe will not finance it fully, but it will be a good portion of that," he said.

At the same time, in preparation for construction of wind farms, Enel is completing the design of wind parks, resolving a number of logistical issues. Technology partner of Enel - Siemens Gamesa - is choosing a site where the production of components for wind power plants will be localized. "They have to choose between two or three locations," Starace said.

Last year, Enel for the first time participated in the tender for the construction of generating facilities operating on the basis of renewable energy sources. The company received the right to construct two wind turbines with an aggregate installed capacity of 291 MW. The total investment in the project is estimated at 405 mln euros.