Ernesto Tiffer said on Tuesday that at least two power generating plants, with capacities of 150 MW and 100 MW, were under consideration for the volcanically active part of the country.
The state-run company and Russian experts will assess possible construction sites in the near four months, and Russia will cover the technical study and investment expenses.
"This is Russia's gesture of solidarity, and the Nicaraguan government will obtain 10% of the generating companies' shares without investing a single centavo," Tiffer told TV Channel 4.
Tiffer, who was part of the delegation that accompanied Nicaraguan President Daniel Ortega to Moscow last week, said the projects resulted from cooperation agreements and memorandums of understanding signed during the visit.
Nicaragua is one of the least developed Central American countries in terms of power generation and access to electricity.