OREANDA-NEWS The Russian Direct Investment Fund (RDIF) will participate in the reconstruction project of CHP-3 in Ulaanbaatar, which accounts for more than a third of Mongolia's generating capacity, said Kirill Dmitriev, director of the fund.

"The Russian Direct Investment Fund, together with partners, will participate in the implementation of the reconstruction project of the thermal power plant CHP-3 in Ulaanbaatar, which accounts for more than a third of the country's generating capacity. The modernization project involves the decommissioning of outdated equipment and the commissioning of 350 MW of new capacities, which will increase the reliability of supplying residents of the capital of Mongolia with heat and electricity and reduce the energy deficit," said Kirill Dmitriev, Director General of the RDIF during the official visit of Russian President Vladimir Putin to Mongolia.

Earlier on Tuesday, the energy ministers of the Russian Federation and Mongolia signed an agreement on the development of a basic project for the reconstruction of CHP-3 in Mongolia. According to Russian President Vladimir Putin, the Russian company Inter RAO expects to join the modernization and reconstruction of the plant, help install new equipment and triple the generating capacity of the CHP.

RDIF was founded in June 2011 with the aim of making equity investments mainly in Russia together with leading foreign financial and strategic investors. The Fund acts as a catalyst for direct investment in the Russian economy. At the moment, RDIF has successful experience in implementing more than 100 projects with foreign partners with a total volume of over 2.2 trillion rubles.