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Fortum Corporation
Fortum-RUSNANO wind investment fund to start implementation of first 50 MW project in Russia



November 7, 2017

The Fortum-RUSNANO wind investment fund is starting implementation of the first 50 MW project in Russia. The project is the first of the total 1,000 MW awarded to the fund in the Russian wind auction in June 2017.

The first turbine supply agreement for the project (14 turbines, with total capacity of approximately 50 MW) is signed with Vestas, who was previously selected as a vendor for the main generating equipment supply and services.

The wind farm is expected to start production during the first half of 2019.

Fortum's long-term ambition is to have approximately 500 megawatts (MW) of wind capacity in Russia. The goal supports Fortum's strategy to increase the share of CO2-free generation capacity and is in line with the company's overall target of creating a gigawatt-scale wind and solar portfolio. The Fortum-RUSNANO wind investment fund is a 50/50 owned investment partnership to invest in wind power in Russia. Fortum's equity stake in the wind investment fund totals a maximum of RUB 15 billion (currently approximately EUR 220 million).

Fortum announced the establishment of the wind investment fund on 27 April 2017 and the outcome of the wind capacity auction on 15 June 2017.

Fortum
Fortum is a leading clean-energy company that provides its customers with electricity, heating and cooling as well as smart solutions to improve resource efficiency. We want to engage our customers and society to join the change for a cleaner world. We employ some 9,000 professionals in the Nordic and Baltic countries, Russia, Poland and India, and 62% of our electricity generation is CO2 free. In 2016, our sales were EUR 3.6 billion. Fortum's share is listed on Nasdaq Helsinki.

Fortum Corporation
Måns Holmberg, Acting Head of Investor Relations and Financial Communications
Contact
Investor Relations & Financial Communications
Måns Holmberg
tel. +358 44 518
1518, Rauno Tiihonen, tel. +358 10 453 6150

For more information :

Organization:
Fortum Corporation
http://www.fortum.com/en/

             

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