Fortum and Rusnano, a Russian state-owned development company, have agreed to sign a 50/50 investment partnership in order to secure the possibility of a Russian Capacity Supply Agreement (CSA) wind portfolio in Russia.
Further progress in the matter is still dependent on several factors such as the Russian prerequisite for domestic production of wind power generating components as well as auction outcome. Fortum’s equity stake in the joint venture totals a maximum of RUB 15 billion (currently approximately € 240 million). The amount is invested over time (within approximately 5 years) as it is subject to positive investment decisions. Separate investment decisions will be made on a case-by-case basis for each possible investment. The projects will be financed with the equity invested to the joint venture and local non-recourse debt. Fortum's long-term ambition is to have approximately 500MW of wind capacity in Russia.