RDIF and Dalkia announce investment with Bpifrance in Russian energy efficiency projects

The Russian Direct Investment Fund (RDIF, Russia’s sovereign wealth fund), leading sovereign funds from the Middle East and Dalkia SA (part of France’s EDF Group) announce cooperation with Bpifrance (France’s sovereign wealth fund) in implementing projects aimed at improving energy efficiency of companies in Russia.

The parties have agreed to establish a joint venture and invest up to €170 mn in projects to implement high efficiency technologies and optimize resource consumption at companies in Russia. The agreement was announced today on the sidelines of 25th Session of Russian-French Economic, Financial, Industrial and Trade Council (CEFIC). The parties intend to cooperate in increasing energy efficiency and reducing energy costs for several companies. The first joint initiatives may include projects to optimize energy consumption at one of RDIF’s portfolio companies.

“RDIF has previously established long term partnerships with both Dalkia and Bpifrance. Today we are delighted to announce that our two major French partners will be complementing our expertise in Russia to provide the best technology available and introduce energy efficiency solutions to a broader customer base. Cooperation between RDIF, Bpifrance and Dalkia is aimed at helping companies in Russia to reduce energy consumption and optimize costs, while bringing Russian and French businesses together as well as enhancing Russian-French relationships. This joint venture is definitely a shift towards more sustainable consumption in Russia and RDIF portfolio companies will be the first to join this success story”

Kirill Dmitriev, CEO of the Russian Direct Investment Fund (RDIF)

“I am very pleased to see this partnership move forward today with the signing of this partnership between RDIF, Bpifrance and Dalkia. Dalkia already offers its customers tailor-made support to reduce their carbon footprint and energy consumption, as well as optimize their operating costs. The group is helping them to rethink some processes for improved energy efficiency, including the use of renewable and recovered energy and the implementation of digital and innovative solutions. With this agreement, we can go further and on a larger scale”

Sylvie Jéhanno, Dalkia CEO & Chairwoman

“This partnership is a great success for the investment platform developed with RDIF, which enables us to tackle the need from major French companies, such as Dalkia, to be supported in their development in Russia. It also highlights Bpifrance’s commitment to support the growth of the French companies involved in the energy and ecological transition. Through this project, the Russian industry will indeed benefit from Dalkia’s renowned expertise and technological know-how to reduce companies’ energy consumption”

Nicolas Dufourcq, CEO of Bpifrance