EnergyWatch

New partnership will pour EUR 240 million into Russian wind

Nordic energy company Fortum is entering into a partnership with Russia in the hopes of installing half a gigawatt of wind power on the dawning market.

Finland's Fortum has established a joint venture with the state-owned Russian development company Rusnano. The partnership's purpose is to secure potential access to Russian subsidies for wind projects (CSA), announces Fortum in a corporate statement.

Fortum plans to inject upwards of RUB 15 billion (EUR 240 million) in the 50/50 joint venture. This amount will be invested in Russian wind turbine projects over a five-year period, however this depends on the outcome of Russian auctions and fundamentally on Russian conditions for establishing a domestic supply chain which can deliver enough locally produced content to qualify for support.

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