EBRD invests in Russian technology line

The EBRD and state-owned Russian technology company Rusnano will finance a new production line to manufacture energy-saving glass.

Under the terms of the agreement, the EBRD will contribute the equivalent of €35mn (US$47mn) in common equity, while Rusnano will contribute the rouble equivalent of €70mn. The rest of the project financing will come from other sources and financial instruments, including €80mn from Rusnano.

The total financing for the project is forecast to reach €295mn, the EBRD says.

EBRD’s managing director for Russia, Natalya Khanjenkova, says: “Today’s agreement demonstrates the common goal that the EBRD and Rusnano have in supporting innovation in Russia by sharing investment risk in the development of new products and technologies.”

The industrial partners in the project, which will use state-of-the-art technology to launch a new float glass line and glass coating facility in the Moscow region, are Japan’s Nippon Sheet Glass and the privately-owned STIS processing group.