Primorsky Krai Development Corporation (KRPK) has entered into an agreement with a branch of the Far Eastern Distribution Network Company Primorsky Electric Networks that will see three integrated resorts currently under construction in the Primorye special economic zone provided with increased electricity supply.
At the request of KRPK, Far Eastern will reconstruct the Muraveyka substation, increasing its capacity by 16 megawatts and building power supply networks to the borders of the region’s gambling zone. It is planned to increase the existing capacity in stages through 2020.
KRPK said that the extra energy will initially be divided between Naga Vladivostok, Shamble and Diamond Fortune’s Selena projects.
“According to the conditions specified in investment agreements, the corporation must provide investors with all the technical conditions for work in a timely manner, namely, to build roads, water supply and drainage systems, sewage systems and power supply systems,” said Igor Trofimov, director of the Primorsky Krai Development Corporation.
He added that KRPK and Energy China are working together on the construction of gas generation with a capacity of up to 100 megawatts.
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In other news, it has been revealed that a fifth IR planned for Primorye, to be built by Korean firm K International, will boast a golf facility, cable car, amusement park, water sports center and an art space.
K International first unveiled their Russian IR plans in August, with the resort to cost around US$260 million. Providing an update on progress, Trofimov said, “A large Korean holding will become a resident of the Primorye resort by the end of this year. Korean partners intend to register a legal entity in Russia in mid-November and then the company will receive the right to participate in the procedure for buying out a land plot in the territory of a gambling zone.
“The site area is 20 hectares, the volume of investments is about US$300 million dollars.”
Trofimov added that KRPK was also deep in discussions with groups for the purchase of two remaining plots of land in Primorye and that “it is likely that by the end of this year all the plots will be sold, after which we will be more actively engaged in developing the concept of the non-gaming component of the entire project of the Primorye entertainment resort.
“At the moment, under the agreements concluded, the amount of investment (in Primorye) is more than 78 billion rubles. Additionally, there are several deals for a forecast amount of investments of about 40 billion rubles. We plan that the total investment in the project will be at least 117 billion rubles or nearly US$2.3 billion.”
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