Investment programme and modernisation

Our investment programme is fully aligned with the Group’s strategic objectives and covers the Power and Metals segments. The key focus areas are modernisation and expansion of existing facilities and improvement of the infrastructure reliability.

Breakdown of capital expenditures in 2024, %
Changes in capital expenditures by segment, USD mn
Modernisation to support transition to pre‑baked anode technology
Description

Large‑scale transition of Bratsk Aluminium Smelter (BrAZ) and Krasnoyarsk Aluminium Smelter (KrAZ) in Siberia to pre‑baked anode technology and state‑of‑the‑art and environmentally friendly electrolysers designed in‑house. The project is expected to take a decade for completion.

Goal
1070 ktpa
Capacity to be modernised
2024 results
The KrAZ and BrAZ projects were approved by state experts. Site preparation was completed, construction and installation work is underway, equipment supply contracts are being negotiated
Taishet Anode Factory (TAF)
Description

The project is essential to ensure uninterrupted supply of high‑quality pre‑baked anodes to Siberian aluminium smelters and reduce primary aluminium production costs. The implementation of the project will help ensure 100% localisation of anode production, avoid the need to consume imported products and, as a result, reduce dependence on external suppliers.

Total investments in the project have amounted to more than RUB 52 billion (USD 511.4 million). Stage 2 is expected to be launched in 2025.

Goal
400 ktpa
Planned capacity of Stage 2
2024 results
The second anode baking furnace was launched
Investment programme and modernisation
CHP modernisation under the CCA NGF
Description

CHP modernisation under the CCA NGF programme is aimed at eliminating the shortage of electricity in Siberia.

Expected investments will be more than RUB 170 billion by 2029 (USD 1.7 billion). Project with guaranteed profitability.

Goal
690 MW
Increase in installed capacity of CHP‑11 due to implementation of CCA NGF projects
2024 results
Core equipment design and supply contracts were signed
Selection stage First stage 01.03.2024 Second stage 29.08.2024
Selected 460 MW 230 MW
Units Units 10, 11 Units 12
Start date for capacity sales 31.12.2028 01.07.2029
New Energy HPP modernisation programme
Description

To improve the safety, reliability, and efficiency of the Angara and Yenisei cascade HPPs, a programme is being implemented to replace their core equipment, including hydraulic units and runners. The programme is expected to increase efficiency by up to 8% and reduce greenhouse gas emissions.

Investments in the programme up to 2026 will total RUB 21 billion (USD 206.5 million), including RUB 19 billion (USD 186.9 million) already invested.

Goals
>2.4 bn kWh
Annual additional HPP generation starting from 2026
2.8 mt of CO2e
Avoided GHG emissions from coal‑fired generation per year
2024 results
2.5 bn kWh
Additional HPP generation in 2024
2.9 mt of CO2e
Avoided GHG emissions from coal‑fired generation in 2024 The first stage of modernisation of Irkutsk HPP was successfully completed in 2024. Four out of eight hydraulic units were replaced. At the same time, runners were replaced at Krasnoyarsk HPP and Bratsk HPP
Development of hydropower
Description

En+ is working on the issue of building new large HPPs. The implementation of these projects will be feasible provided that effective mechanisms for the return of invested funds are developed.

Expected investments will total more than RUB 500 billion by 2042 (USD 4.9 billion).

Goal
2.2 GW
Potential installed capacity of new HPP projects
2024 results
construction projects are under consideration
4 HPP
Small HPP projects
Description

The Company remains committed to the development of small‑scale hydropower projects. In particular, En+ is making progress on the small‑scale Segozerskaya HPP project in Karelia, Russia, taking advantage of a state programme supporting renewable‑energy projects through the capacity allocation contracts (CACs) mechanism.

Goal
200 MW
Potential installed capacity of new small HPP projects
2024 results
The construction of a concrete dam of the pressure front was started at Segozerskaya HPP
Wind power project
Description

A project to produce and supply wind power to the Russian power system.

According to preliminary plans, phased commissioning of capacity is planned until 2031. Expected investments will total more than RUB 100 billion (USD 983.5 million).

Goals
1 GW
Potential installed capacity of the wind farm
Up to 3 bn kWh
Potential wind power generation
2024 results
Wind measurements are being performed, the grid connection design is being developed; initial permits were obtained
CHP modernisation under the KOMMOD Сompetitive selection of modernisation projects.programme
Description

The programme is aimed at improving the reliability and safety of CHPs. Total investments up to 2028 will amount to about RUB 26.4 billion (USD 259.6 million), realisation is subject to effective mechanisms for the return of invested funds.

Goal
1.4 GW
Installed capacity of CHPs to be modernised
2024 results
As of the end of 2024,
3 projects
out of eleven selected in the Irkutsk Region for the KOMMOD programme were completed; supply of power commenced at six out of eleven supply point clusters (55% of planned capacity)
Development of Zashulan coal deposit
Description

The Zashulanskoe coal deposit project (with commercial reserves of 663 mt) is aimed at developing the resource base for coal‑fired generation and export sales of coal.

The project is planned to reach its full capacity by the end of 2027. Planned investments are more than RUB 49.8 billion (USD 489.8 million).

Goal
5.0 mt
Annual production of coal for exports
2024 results
The construction of a road and a substation to supply electricity to the coal mining site commenced
Energy segment