Fortum, Rusnano grab 1.6 GW of wind in Russian tender

Finnish utility Fortum Oyj (HEL:FORTUM) and Russian nanotechnology company Rusnano have won the right to install up to 1.6 GW of wind turbine capacity in Russia as part of the country’s latest renewable energy tender.

The Fortum-Rusnano wind investment fund, equally owned by the two parties, has secured wind power capacity of around 430 MW-530 MW per year, or a total of 1.3 GW-1.6 GW over the period 2025-2027. The partners said on Tuesday that the final capacity to be installed is subject to separate investment decisions.

The awarded projects will be covered by annual capacity supply agreements for a total remuneration of between RUB 16.9 billion (USD 213.9m/EUR 197.8m) and RUB 23.8 billion. The contracts will be valid for 15 years and will entitle the schemes to an average tariff per MWh ranging between RUB 2,600 and RUB 4,200.

The 50/50 partnership between Fortum and Rusnano won 1,823 MW of wind power capacity in Russia’s wind auctions held in 2017 and 2018. This summer, the two firms took an investment decision for the construction of 236.6 MW of wind parks in southwestern Russia’s Samara region.

(RUB 10 = USD 0.137/EUR 0.117)

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