Vestas to make wind turbine blades in Ulyanovsk, Russia

Danish wind turbine manufacturer Vestas Wind Systems A/S (CPH:VWS) has signed an agreement with the authorities of Ulyanovsk region, western Russia, for the construction of a factory to produce wind turbine blades in the region.

Vestas has been selected as the turbine supplier for projects secured by a partnership between Finnish utility Fortum Oyj (HEL:FORTUM) and state-run nanotechnology company Rusnano in Russia's renewable energy auction earlier this year. The Fortum-Rusnano investment fund won 1,000 MW of wind projects in the tender. In relation to this, Vestas said it plans to establish manufacturing facilities in Russia to comply with the country's local content requirements.

According to last week's announcement by the Ulyanovsk government, the blade plant is due to come online by the middle of 2019. The Danish company is expected to create about 200 jobs in the region and invest more than RUB 1 billion (USD 17.5m/EUR 14.5m).

The pact was signed during a conference called Investor Demands-Government Actions.

(RUB 10 = USD 0.175/EUR 0.146)

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