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Fortum-RUSNANO wind investment fund to start cooperation in Rostov Region in Russia

Published 01 December 2017

The Government of the Rostov Region in Russia and Fortum-RUSNANO wind investment fund have entered into a non-binding cooperation agreement to build up to 600 MW of wind power plants in 2019-2022. A separate investment decision will be made for each project.

The Fortum-RUSNANO wind investment fund is a 50/50-owned investment partnership that was awarded the right to build 1,000 MW of wind power in Russia in 2018-2022 in the RES capacity selection auction that was held earlier in 2017. Fortum’s equity stake in the wind investment fund totals a maximum of RUB 15 billion (currently approximately EUR 220 million).

Currently, Fortum is completing the construction of Russia’s first 35-MW wholesale power market wind park near Ulyanovsk. The wind park is to enter commercial operation in Q1 2018.

Fortum announced the establishment of the wind investment fund on 27 April 2017 and the outcome of the wind capacity auction on 15 June 2017.

Source: Company Press Release