October 11 (Renewables Now) - Finnish utility Fortum Oyj (HEL:FORTUM) and nanotechnology company Rusnano have signed a non-binding pact with the Republic of Kalmykia to add up to 450 MW of wind power capacity in the southwestern Russian region.
The cooperation agreement envisages the construction of the wind farms to be carried out between 2018 and 2021, Fortum said in a press release on Wednesday. The partners plan to take a separate investment decision for each project under the portfolio.
The scheme will be implemented through a joint venture between Fortum and Rusnano, formed in 2017. Each of the parties holds a 50% stake in the wind investment vehicle.
Last year, Forum-Rusnano secured the right to install 1,000 MW wind power capacity in Russia in 2018-2022 under the country’s call for tenders for renewable energy capacity.