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Fortum forms joint venture on wind with Bank GPB

The investment fund Fortum-Rusnano will be dissolved, while the 1.3GW portfolio will be transferred to the new partnership.

Photo: INTS KALNINS/REUTERS / X02120

Fortum is setting up a new joint venture in Russia with Bank GPB to concentrate its efforts in the country's wind energy sector. The venture will be jump-started with the transfer of the 1.3GW wind portfolio from investment fund Fortum Rusnano.

At the same time, Fortum-Rusnano will be dissolved, although Fortum and Rusnano will continue their cooperation on 1.4GW of wind energy, which the two companies' investment fund won in a tender in September last year, slated for commissioning in 2025-2027.

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