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Fortum is diversifying its cooperation in wind power generation in Russia in collaboration with the Russian Direct Investment Fund (RDIF). The Fortum-Rusnano Wind Investment Fund has sold the 50-MW Ulyanovsk 2 and the 300-MW Rostov wind farms to a joint venture recently established with RDIF for this purpose. Fortum’s ownership in the joint venture is 49%.
In line with its strategy Fortum aims to grow a sizeable portfolio of onshore wind and solar based power generation both by utilising various forms of cooperation and its own balance sheet.
The transactions are made within Fortum’s earlier communicated maximum equity commitment of RUB 15 billion for development of renewables in Russia.
The 50-MW Ulyanovsk 2 wind farm, commissioned in January 2019, was the first joint project completed by the Fortum-Rusnano Wind Investment Fund. The 300-MW Rostov wind farms started supplying power and capacity to the market earlier this year.