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Fortum, Bank GPB plan to develop 1 gigawatt of wind projects in Russia

January 19, 2022

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.

[Staff Report]

More: Fortum enters wind joint venture with Russian bank

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