RIA Novosti reported that the International Finance Corporation part of the World Bank has signed a cooperation agreement with the Kaluga Region in central Russia to develop renewable energy in the region.
The IFC said the agreement is the first of its kind the IFC has signed with a regional administration in Russia. It said the IFC Russia Renewable Energy Program is helping the Kaluga regional government to analyze the region's renewable energy potential, pinpoint technology gaps, and identify investment opportunities."
IFC said in a statement that "IFC also will help Kaluga develop a regional legislative framework that will support investment into renewable energy and serve as a model for other regions."
Mr Tomasz Telma IFC Director for Europe and Central Asia said "Renewable energy is a cost-effective alternative to fossil fuels in many regions of Russia and IFC can help the regions play a role in the development of a national renewable energy market."
He said that "Russian regions working to make an effective transition to renewable energy sources can also help reduce global greenhouse emissions."
Mr Patrick Willems the Director of IFC Russia renewable energy program said last November that the IFC was ready to allocate over USD 150 million in loans to finance the development of renewable energy sources in Russia.
