The first wind farm developed under a joint venture between Finnish energy company Fortum and Rusnano has started operation in Ulyanovsk, western Russia.
The 50MW plant, owned by the Fortum-Rusnano wind investment fund, is part of a total of 1823MW awarded in the 2017 and 2018 Russian wind auctions.
The project meets required local component criteria, enabling it to receive a guaranteed Russian Capacity Supply Agreement price for 15 years.
The Fortum-Rusnano wind investment fund is a 50:50 owned investment partnership to invest in wind power in Russia.
In December Fortum and Rusnano made a final investment decision on a 100MW wind project. The JV is also developing a 200MW wind farm, slated to come online in 2020.
Investment decisions will be made on a case-by-case basis.
Fortum’s maximum equity commitment is RUB15bn.
Fortum also won the right in a June 2018 auction to develop 110MW of solar capacity in Russia.