On Signing the Agreement between St. Petersburg and "Power machines"

The Governor of St. Petersburg, Alexander Beglov, and the Chairman of the Board of JSC "Power machines", Alexey Mordashov, today signed an agreement on cooperation in investment projects at the St. Petersburg International Economic Forum.

The total investments of JSC "Power machines" in 2023–2025 will amount to 8.5 billion rubles. In addition, at least 200 new jobs will be created.

"Power machines" new key project is to modernize the production of large-capacity turbines and generators, as well as the test complex for large electrical machines and megawatt-class electric drives.

The government of St. Petersburg actively promotes the investment process through tax incentives, subsidies and preferential loans. The city will also provide systematic support for the recruitment and training of highly qualified personnel.

"Power machines" is a leader in power engineering, one of the symbols of industrial St. Petersburg. Today the company is implementing an important project for the Russian power industry to create domestic gas turbines. The project received federal support. It is a significant contribution to the city's economy and a strong impetus for the development of the local energy industry. The city administration will support the company in the realization of the project," said the Governor of St. Petersburg Alexander Beglov.

"Power machines"' total investment in technological development of production from 2008 to 2022 is 55 billion rubles. The new agreement sets out the modalities for the implementation of strategic projects for the import substitution of critical technologies and will generally contribute to the development of the scientific and technical potential of the industry and Saint Petersburg," said Alexey Mordashov, Chairman of the Board of JSC "Power machines".

Photo: Press Service of the Administration of St. Petersburg.