May 28 (Renewables Now) - Finnish state-owned energy company Fortum Oyj (HEL:FORTUM) has set up a joint venture (JV) with Norwegian peer Nordkraft to develop wind projects in Norway.
The new entity will be called Fortum Nordkraft Vind DA, Fortum announced on Monday, adding that this move will help the company grow substantially in the Nordic market. For Nordkraft, in turn, it will have a positive effect on the implementation of its project development strategy and its goal of adding more renewables.
The two companies have been partnering in the Norwegian wind projects since 2017, when Fortum bought 170 MW of wind projects in Norway from Nordkraft. Two of the three are already operational, while the third one is under construction.
Fortum noted it plans to continue expanding its carbon-free power generation and have a “multi-gigawatt” portfolio of wind and solar assets. “With the joint venture, we aim to combine the expertise of Fortum and Nordkraft to develop high quality wind power projects in Norway,” said Joonas Rauramo, Vice President wind at Fortum.