MOSCOW, October 29. /TASS/. Solar Systems, a 100% subsidiary of China’s Amur Sirius, may invest a total of around $1.062 billion in Russia's solar power industry, business daily Vedomosti reported Wednesday citing Olga Bykova, the company’s director for investments and finances.

In July, the company took part in Russia’s tenders for renewable energy projects that get market support and received a right to build 175 megawatts of solar energy capacities in three Russian regions in 2016-2018. At such tenders the power regulator chooses projects with the lowest costs, and winners receive capacity supply agreements guaranteeing return of investments in 15 years with an annual margin of 14%.

Investments in this construction are planned at around $0.45 billion, but the company also plans to continue participating in renewable energy tenders and also plans to build a plant for production of solar panels in the Republic of Tatarstan. The company will build the plant, as the Russian legislation obliges investors in solar power to localize equipment production in the country. Construction of the plant is slated to start in 2015. Investments in the project are planned at around $141.5 million - $212.3 million and could be recouped in six to eight years, Bykova said. The facility is projected to produce at least 100 MW of solar panels a year.

Solar Systems plans to choose a financial and technological partner for the plant construction by the end of the year. The company is now picking a technological partner at a tender and is considering six bids from Chinese and European firms, Bykova said, adding that this partner could receive a stake in the facility. 

The company is also now holding talks with a wide range of investors, including Sberbank, ING, and International Finance Corporation (IFC), Bykova said, adding that it was too early to speak about results. The firm also plans to take a Chinese loan for construction of the plant and solar facilities.