"Rusnano" and "Renova Orgsintez" have started production of solar modules project at “Khimprom” in Novocheboksarsk. The companies have signed a contract for delivery of production equipment with a Swiss “Oerlikon”. Experts do not doubt that this project will be profitable, but the re-equipment of “Khimprom” will take time and serious investments.
The joint venture between “Renova Orgsintez ltd.” and the “Russian Corporation of Nanotechnologies” has signed an agreement with Swiss “Oerlikon” (39% of which is owned by Renova) for delivery of Oerlikon Solar’s Micromorph line for production of thin film solar modules. Production capacity of this line is 120 MW per year (one million solar modules annually). “This is a win-win situation for all parties involved. “Oerlikon Solar” can establish strong presence on the Russian market and Russian economy has made another step as a state-of-the-art production site”, — said “Nano Solar Technology” CEO Yaroslav Kuznetsov.
An agreement to found “Nano Solar Technology Ltd.” was signed in May 2009. “Rusnano” holds a 49% equity share in the project company; “Renova” owns a 51% stake. “Rusnano” contributes 81 million Euro to the equity of the new company, 215 million Euro are offered to NST as a loan from “Rusnano”. Total investment in the company is €440 million. Money will be invested in building of a plant to produce solar modules, the plant will be placed on the industrial area of “Khimprom” in Novocheboksarsk. Plant should reach it’s full capacity in 2011. Revenues of the company in 2015 will be 10.3 billions of rubles, according to the evaluations of stakeholders. The “Avelar” company, which is owned by “Renova” will be responsible for distribution. 85% of produced solar modules will hit the European market.
Size of the contract was not disclosed by Partners. “The analysts estimate it is €160-195 millions", — said Burkhard Bendel, Oerlikon‘s press secretary. An independent source of information has defined that size of the contract will exceed €250 million till 2012. Nano Solar Technology will pay in a few tranches; amount of the first tranche is €80 million. Mr. Bendel has confirmed that the company has already received the payment.
Regional director of Semiconductor Equipment and Materials International (SEMI) in CIS, Alla Famitskaya has explained that solar energy is a very expensive treat, but it is our future. In her opinion, Nano Solar Technology ltd. will be profitable anyway, but first of all the company needs to create an infrastructure at “Khimprom”, including “clean rooms”, and this will take time and money. From point of view of power efficiency working group of The Russian Union of Industrialists and Entrepreneurs chairman Evgeny Konygin, it is possible to make solar power in demand in Russia only after accepting of governmental regulations, which will include feed-in tariffs for the producers and consumers of alternative energy. He points out that the bids for solar energy would be the highest due to its production expense. Otherwise, as Mr. Konygin says, Russia will continue to export sources of alternative energy.