As part of the Franco-Russian intergovernmental summit which took place in Paris, EDF and the energy company INTER RAO signed a framework agreement under which the two groups will examine the feasibility of assets swaps and cross investments in projects while taking into account the strategy of each part.

EDF and INTER RAO also agreed to the creation of a 50/50 joint venture between FENICE, the Italian subsidiary 100% owned by EDF, and INTER RAO with the aim of developing energy efficient projects in Russia. Two initial contracts of this nature have already been agreed with the Russian car group Avtovaz and the INTER RAO owned power station located North West of Saint Petersburg, to assist them in the reduction of their power expenditure.

These agreements materialize the partnership signed between EDF and INTER RAO in October 2008 in which the two groups expressed their willingness to cooperate in the field of energy efficiency.

Tags: EDF Group