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The first project invested by New Development Bank has started operation in Republic of Karelia, a federal subject of Russia.  It is a milestone for the BRICS framework. Karelia is located in the Northwest of Russia.

The project is a hydropower station with an aggregate capacity of nearly 50 megawatts. The project is slated to be completed by the end of 2019. The NDB has invested about 184 million US dollars in the project.

The rest of the hydropower project is funded by Russian Direct Investment Fund and Sinomec.