The Macquarie-Renaissance Infrastructure Fund jointly owned by Renaissance Capital and Australia's Macquarie has invested $83 million in power group GSR Energy Investments — its second deal since its formation in 2008.
The fund, with $630 million under management, has now invested more than $200 million in Russian transport and power assets.
GSR Energy supplies heat and electricity to industrial customers in St. Petersburg's Kolpino industrial region. Power industry experts estimate that some $400 billion to $500 billion needs to be spent modernizing Russian equipment to prevent blackouts and accidents such as the Sayano-Shushenskaya power plant explosion that killed 65 people in 2009.
(Reuters)
