Italy's Enel says to invest 1 bln euros in Russia in '11-'15
2011-03-15 17:06:19
Italy's Enel group plans to invest about 1 billion euros ($1.4 billion) in Russian assets in 2011-2015 to improve the quality of generating capacities, the company said on Tuesday.
"The Russian economy is expected to continue growing, and its market fundamentals look promising," Enel said in a statement. "That is why Enel will strengthen its strategic role in the country."
The company said it would invest in the construction of an 800 meagwatt steam and gas generation installation, which will use gas produced at gas deposits of SeverEnergia, a firm which develops hydrocarbons in West Siberia.
Enel holds a stake in SeverEnergia, and also controls OGK-5, one of Russia's largest wholesale power-generating companies.