En+ can invest over $700 mln into environmental projects in 5 years – Board Chairman

TASS Russian News Agency | Oct 16, 2019 at 6:50 PM

MOSCOW, October 16. /TASS/. The En+ Group can invest over $700 mln into environmental projects during the next five years, Chairman of the Board of Directors Lord Gregory Barker said in an interview with TASS.

"Understanding the need for urgent and bold action, we plan to invest over $315 mln in environmental programs at our aluminum smelters and over $400 mln at alumina refineries of the next 5 years." Lord Barker said.

The Group is proactive participant of the Clean Air program of the Russian Federation Government, the Board Chairman noted. "Investments in line with that program are $200 mln," he said.

Since 2007 En+ is implementing the New Energy hydropower plants (HPP) modernization program, Lord Barker said. "In 2018 alone we produced 1.6 TWh of additional clean power and avoided 1.8 mln tonnes of CO2 emission," he noted. Investments in the project will amount to RUB 21 bln ($327.6 mln) by 2026, the Board Chairman said.

The company made a decision to extend the program further to 2046 with investments from 2027 till 2046 amounting to RUB 39 bln ($608.5 mln), Lord Barker noted.

"Ultimately, upon its implementation, the initiative will allow for an annual growth in production of 2 TWh and reduction of emissions of 2.3 mln tonnes of CO2. This is comparable to the construction of a new 400 MW HPP in Siberia," he added.

En+ Group is a leading vertically integrated producer of aluminum and electricity. The company includes electricity generating assets with an installed capacity of 19.6 GW (including 15.1 GW of hydropower assets) and aluminum production with an annual capacity of 3.9 mln tonnes. The main shareholders of En + are Oleg Deripaska's investment company B-Finance (44.95% - of which voting rights are limited to 35%) and VTB Bank with a share of 21.68% (7.35% of voting shares).