Fortum in Russian Wind Power Cooperation With Gazprombank’s Unit Bank GPB

Fortum Oyj is a Finnish state-owned energy company located in Espoo, Finland. Fortum has more than fifty years of experience operating in Russia. Fortum holds a portfolio of around 3.4 gigawatts of wind and solar power parks and development projects in Russia both directly and with partners like the Russian Direct Investment Fund.

The Fortum-Rusnano wind investment fund was established by PAO Fortum and the Rusnano Group (Rusnano OJSC) on a parity basis with the purpose of investing in wind energy in Russia.

Fortum Oyj formed a wind power generation cooperation in Russia with Bank GPB International S.A., a subsidiary of Gazprombank Joint Stock Company. As part of the deal, a 1.3 gigawatt portfolio of wind projects is being moved from Fortum’s wind investment fund joint venture with Rusnano to a joint venture recently established with Bank GPB. Upon the transfer, the Fortum-Rusnano wind investment fund joint venture will be dissolved.

Fortum will continue to assess cooperation with Rusnano for joint future development of this project portfolio.