Russian LNG producer Novatek inks renewables MoU with Fortum

Wind turbines at work. Author: Nick Cross. License: Creative Commons, Attribution-NoDerivs 2.0 Generic.

June 3 (Renewables Now) - Russian natural gas producer Novatek PAO (MCX:NVTK) said today that it has signed a memorandum of understanding (MoU) with Finnish state-owned energy company Fortum Oyj (HEL:FORTUM) to cooperate on renewable power.

Under the agreement, Novatek, and particularly its Cryogas-Vysotsk LNG project, will purchase power from Fortum’s renewable energy operations in Russia. The Vysotsk LNG plant would be served power from wind farms owned by Fortum and its joint venture (JV) partners.

Fortum has set up separate partnerships with Russian nanotechnology company Rusnano and the Russian Direct Investment Fund (RDIF). With the JV partners, the Finnish company installed eight wind farms totalling 670 MW in Russia, according to information on Fortum’s website.

Projects under construction will result in additional 495 MW, while 728 MW more are currently in the development stage, Fortum says.

Novatek said the green power purchase would enable it to offer its LNG customers a product with a lower Scope 2 emissions footprint.

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Sladjana has significant experience as a Spain-focused business news reporter and is now diving deeper into the global renewable energy industry. She is the person to seek if you need information about Latin American renewables and the Spanish market.

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