Page 139 - RusRPTJul21

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internally, but is not ready to provide details.
The company will try to launch the Kolskaya wind farm earlier than 1 May 2022, as was the case with the Azovskaya wind farm (which was postponed due to COVID-19, but launched one month earlier than was planned, meaning a shorter delay). However, at present, the works are proceeding according to the schedule.
Capex for three years was reiterated at RUB 36.7bn, with RUB 29.5bn to be spent on renewables projects and DPM2.
A dividend policy of RUB 3bn annually remains the base case up to 2023, with the AGM to approve the proposal of no dividends for 2020, as their payment is to be postponed to 2023. The question of improving the dividend policy is to be discussed post 2023.
The hydrogen project in the Murmansk region was discussed with Rosnano, but is an Enel (parent company) project. It is important to understand the potential hydrogen volume and the price, define the logistics and whether there is demand in the market. The feasibility study could be finalised by YE21 or the beginning of 2022.
Enel Russia is waiting for the volumes details within the renewables support programme 2025-35, and is looking to participate. Enel Russia is assessing projects in the Tatarstan, Leningrad, Saratov and Rostov regions among others, but will only undertake the projects if it wins in the tender process.
Enel Russia is not considering selling any assets in Russia.
In June 2020, Enel Russia requested to lower the localisation requirements in the auction for CCGT turbines due to Russia having no localised turbine, while the 110MW turbines have not yet proven their reliability in operation.
Overall, we
comments. Enel Russia is not planning to sell its assets, is looking for more renewable projects, is aiming to reduce the delay of the Kolsk wind farm, and has its targets set to returning to a profitability recovery once the wind farms are up and running. Meanwhile, the feasibility study for the hydrogen project could be ready as early as YE21, which could affect the company even more (see Enel Russia – Time-shifting investor trust of 19 February). The story remains in the midst of a major transformation while it travels toward the goal of becoming a greener, ESG-friendly name. While this could eventually increase its attractiveness to investors, in the short term, its EBITDA is set to remain under pressure and dividends are to be paid in 2022. We maintain our Hold recommendation.
The Mosenergo BoD has approved several intra-group transactions involving an exchange of financial assets with its parent company Gazprom Energoholding (GEH). Under these transactions, Mosenergo is
see the news as being in line with management’s previous
139 RUSSIA Country Report July 2021 www.intellinews.com