Fortum is partnering with Russian state-owned company Rusnano to develop about 500MW of wind power in the country supported by capacity payments.
The Finnish utility will provide up to 15bn rubles (€240m) in equity to the joint venture, in which both partners will hold equal stakes.
The cash will be invested over approximately five years, with investment decisions made on a case-by-case basis.
Fortum said progress on the venture depends on several issues, including the Russian domestic content requirement for wind turbine components as well as the results of auctions for the technology.
This year it expects to commission 35MW of projects qualifying for the country’s so-called capacity supply agreement mechanism, which guarantees payments over 15 years.
Image: Fortum
