Fortum-Rusnano take investment decision for 200-MW Russian wind project

Finnish utility Fortum Oyj (HEL:FORTUM) and nanotechnology company Rusnano have taken the investment decision for a 200-MW wind project in Russia, Fortum announced today.

The Finnish company said that this is the second project of the 1,000 MW that were awarded to the pair in a wind auction held in June 2017. The first is a 50-MW wind project that is expected to enter into service in the first half of next year.

The 200-MW wind park, in turn, is seen to begin production in the first half of 2020. Fortum did not mention where this project will be executed.

The Fortum-Rusnano wind investment fund, which is equally-owned by the two parties, won the right to build 1,000 MW of wind parks in Russia in June 2017 and then was awarded a further 823 MW of wind capacity a year later. The fund can also build up to 600 MW of wind farms in 2019-2020 as part of a non-binding cooperation agreement with the Government of the Rostov Region. In addition, it has the right to build 110 MW of solar power plants.

Fortum noted today that its maximum equity commitment towards projects developed by the fund is RUB 15 billion (USD 230m/EUR 200m).

(RUB 10 = USD 0.153/EUR 0.133)

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