The Fortum-Rusnano wind power investment fund has announced it has taken the investment decision to launch a 50 MW wind farm project in the Russian region of Rostov.
Fortum-Rusnano, a 50/50 partnership between Finnish utility Fortum Oyj (HEL:FORTUM) and Russian nanotechnology company Rusnano, won 1,823 MW of wind power capacity in Russia’s wind auctions held in 2017 and 2018. This 50 MW project is the partnership’s fifth of the awarded lot.
Fortum said it expects the wind farm to start production in the fourth quarter of 2020.
The duo is already engaged in 300 MW of wind projects in the Rostov region which will begin supplying power and capacity sometime during the first half of 2020.
The Finnish energy company also won the right to build solar projects for a total of 116 MW in the June 2018 and June 2019 auction rounds.
Fortum said that investment decisions involving renewable energy capacity it won solo and in partnership with Rusnano in 2017-2019 would be made on a case-by-case basis. The company has made an equity commitment of maximum RUB 15 billion (USD 235.4m/EUR 212.6m), Fortum said.