The NDB will provide two loans to support Eurasian Development Bank (EDB) and International Investment Bank (IIB) to on-lend to renewable energy projects. The two loans will finance the Nord-Hydro project to increase energy supply in Karelia region through renewable energy resource. The project is supported by the Russian government with a preferential tariff. With this project, a small dam and two run-of-river hydroelectric power generation facilities will be constructed, providing a total installed capacity of 49.8 MW. A 220 kV power transmission line of 10-km will be constructed.

The Project would lead to: generation of clean energy in the remote and the energy-deficient areas and thereby improving reliable access to power for industrial and residential users; growth of share of renewable sources of energy (4,5% of the installed capacity in Karelia); avoidance of the greenhouse gas emissions to the tune of 48,000 tons of CO2annually.
Installation and commissioning of additional total power generation capacity will reach 49.8 MW.

The implementing entity is Nord Hydro Bely Porog JSC.

The proposed hydro power generation will avoid 48,800 tons of carbon dioxide emissions per year. To avoid the common issues with constructing hydro-electric power plants, the dam
parameters for this project were designed to avoid resettlement and minimize impact on ecology. The Implementing Agency shall closely monitor implementation of
proposed mitigation measures and the NDB shall conduct annual supervision.

The total cost of the project is USD 161.9 million. The two NDB loans add up to USD 100 million. A loan of USD 50 million is provided to Eurasian Development Bank (EDB). The other loan of USD 50 million is provided to International Investment Bank (IIB).