Fortum has entered into a joint venture in Russia with Bank GPB to develop over 1GW of wind projects in the country.
For this purpose, a 1.3GW portfolio of wind projects is being transferred from the Fortum-Rusnano Wind Investment fund (50:50 joint venture) to the new joint venture with Bank GPB.
Upon the transfer, the joint venture of Fortum-Rusnano Wind investment fund will be dissolved.
Fortum holds the investment fund’s most recently awarded 1.4GW of wind capacity for new wind power generation to be commissioned during 2025-2027, awarded in auctions held in September 2021.
Fortum and Rusnano continue to assess cooperation for joint future development of this project portfolio.
In Russia Fortum has a portfolio of approximately 3.4GW of wind and solar power parks and development projects, either stand alone or together with its joint ventures with Bank GPB and RDIF.
Today, total capacity consists of wind and solar power plants and projects out of which 1.2GW are operational, 300MW is under construction and 1.9GW is under development.
The investment decisions related to the wind and solar capacities are made on a case-by-case basis, said Fortum.