Fortum-Rusnano to Start Implementation of 250 MW Wind Projects in Russia
- Dec 12, 2019 8:41 am GMTDec 12, 2019 2:29 pm GMT
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The Fortum-Rusnano wind investment fund has announced that it has taken the investment decision for two wind energy projects in Russia, worth a combined generational capacity of 250 MW.
The first and more recent investment decision has been taken for a 50-megawatt (MW) wind power project in the Rostov region, Russia. It is the fifth project of the total 1,823 MW awarded to the fund in the Russian wind auction in 2017 and 2018.
The wind farm is expected to start production during the fourth quarter of 2020. In the Rostov region, the partnership is already constructing 300 MW of wind power. Power production and capacity supply is expected to start during the first half of 2020.
The first joint project completed by the partnership was the 50-MW Ulyanovsk 2 wind farm which started supplying capacity to the market on January 1, 2019.
The Fortum-Rusnano wind investment fund is a 50/50 owned investment partnership to invest in wind power in Russia. The investment decisions related to the renewable capacities won by Fortum and the Fortum-Rusnano wind investment fund in 2017-2019 will be made on a case-by-case basis. Fortums maximum equity commitment is RUB 15 billion (USD 235.8 million).
In June 2018 and June 2019, Fortum won the right to build in total 116 MW of solar capacity.
Prior to this announcement, the fund had announced that it has taken the investment decision for a 200 MW wind power project in Kalmykia, Russia. This is the fourth project of the total 1,823 MW awarded to the fund in the Russian wind auction in 2017 and 2018. The wind farms in Kalmykia are expected to start production during the fourth quarter of 2020.
In October, the investment fund and the Government of Orenburg Region in Russia had signed a non-binding cooperation agreement that envisages the construction of wind farms with a total capacity of up to 200 MW in the region in 20212023.
The document signed outlines the principles of the parties cooperation in the development and implementation of the investment project for the construction of wind generation facilities that will operate in the wholesale market. It had been announced that the investment decisions will be made on a case by case basis.