VNESHECONOMBANK (VEB), RUSSIA
VEB which is the Bank for Development and Foreign Economic
Affairs (Vnesheconombank) is owned by the government of Russia.
It provides comprehensive support that includes both financial
and non-financial services for projects in Russia.
In line with its mandate, VEB financed the construction of small hydropower plants in the Republic of Karelia in Russian Federation with the aim to promote small hydropower plants (SHPPs). The region was selected because of the presence of large number of small rivers.
The project helps in reducing about 13000 tons of CO2 emission
annually. The small hydro power plants do not cause
environmental damage and the water basins can be used for both
fishery and water supply. Furthermore, the SHPPs are constructed
based on the engineering solutions that prevent negative impacts
on the fish spawning run.
The project creates about 200 jobs for construction and 50 jobs for operational phase providing livelihood in clean energy sector. It also helps in building local capacities for production, installations and operations of SHPPs and in reducing energy dependence on other regions. Moreover, the project also has a positive effect on the cost of electricity which will be reduced on long-term basis. It also contributes in budgetary efficiency for the Republic of Karelia.
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