Russian Direct Investment Fund and Bpifrance will invest €40 million ($44.8 million) in energy efficiency solutions for Russian companies, Russia's $10 billion sovereign wealth fund said Friday on its website.
France's sovereign wealth fund in a joint venture with the Russian state fund will partner with Schneider Electric to generate a return from a technology that would help companies in Russia save energy.
"Energy-efficient products and technologies are widely needed (in Russia), so I'm sure we will be able to significantly contribute to the development of this segment and lay a solid foundation for more joint projects," RDIF CEO Kirill Dmitriev said in a news release.
Nicolas Dufourcq, CEO of Bpifrance, noted in the release that the potential market for energy efficiency in Russia is significant, allowing "our partnership to realize successful investments, leveraging on Schneider's 40-year experience in Russia."
RDIF has established strategic partnerships with other global co-investors, including the Turkey Wealth Fund, which agreed in April to create a €900 million investment fund focused on investments in technology, health care and infrastructure.
The size of Bpifrance's assets and further details could not be learned.
