MOSCOW, June 18, 2013 /PRNewswire/ --
The Russian Direct Investment Fund (RDIF) and General Electric (NYSE:GE) will sign a Memorandum of Understanding to create a joint venture (JV) for the construction of mini power plants for manufacturing companies across Russia. The Memorandum will be signed at a ceremony on June 21st by Ron Pollett, GE President and CEO for Russia and CIS countries, and Sean Glodek, RDIF Director, at the Saint-Petersburg International Economic Forum. Jeff Immelt, GE Chairman and CEO, and Kirill Dmitriev, RDIF CEO, will also attend the signing.
Growing demand for individual electric power generation systems in Russia has been driven by growth of the industrial sector. The joint project will focus on the production of low power co-generation systems (up to 25 MW) to meet growing demand for energy from infrastructure projects in the Russian regions.
These systems are independent from the federal power grid and serve customers' needs by directly supplying energy without the need to construct transmission lines, reducing the risk of power cuts.
With rising energy prices, increasing energy consumption and tougher environmental requirements for industrial facilities, combined heat and electric power systems have taken on a greater role.
Ron Pollett, President and CEO, GE in Russia and CIS, said, "This memorandum confirms our commitment to work together to develop state-of-the-art power supply solutions for industrial facilities in Russia. Autonomous electric power systems using innovative GE equipment offer considerable economic benefits and comply with the most up-to-date environmental requirements. We expect that this collaboration will allow us to expand our geographic footprint, helping to modernize Russia's industrial infrastructure."
Kirill Dmitriev, CEO, Russian Direct Investment Fund (RDIF): "The partnership between RDIF and GE will demonstrate how innovative global technologies in energy can be used to develop advanced power generation systems in Russia. Most importantly, the joint project will help provide electricity to small manufacturing companies located across the country."
GE works on things that matter. The best people and the best technologies taking on the toughest challenges. Finding solutions in energy, health and the home, transportation and finance. Building, powering, moving and curing the world. Not just imagining. Doing. GE works. Further information at http://www.ge.com
The Russian Direct Investment Fund (RDIF) was established in June 2011 to make equity investments primarily in the Russian Federation. RDIF's management company is a 100 per cent subsidiary of Vnesheconombank. In each investment it makes, RDIF is mandated to secure co-investment that as a minimum matches its commitment, thus acting as a catalyst for direct investment into the Russian economy. Further information at http://www.rdif.ru
Contact person for more information:
Press Secretary of RDIF
Mobile phone: +7-964-726-1773
Andrew Hayes/ Maria Ignatova/ Elena Kuza/ Charlie Barker
SOURCE Russian Direct Investment Fund