The Fortum-Rusnano wind investment fund has taken investment decision for the development of a 100MW wind power project in Russia.
The project is Fortum-Rusnano fund’s third investment decision in the total 1.8GW awarded to it in the Russian wind auction conducted in 2017 and 2018.
This 100MW wind farm is expected to begin energy generation in the first half of 2020. The previous 50MW and 200MW wind projects could begin energy generation in the first half of next year and the first half of 2020, respectively. Investment decision for the 200MW project was taken in October.
Fortum-Rusnano wind investment fund is a partnership owned equally by Fortum and Rusnano to invest in wind power in Russia. The fund stated that the investment decisions about the renewable capacities won by Fortum and the Fortum-Rusnano wind investment fund for last year and this year will be made on a case-by-case basis.
Fortum has committed to invest a maximum of RUB15bn ($225.13m).
The firm said: “In the longer term, Fortum seeks to maintain an asset-light structure by forming potential partnerships and other forms of co-operation.”
Last June, the Fortum-Rusnano wind investment fund had won the right to develop 1GW of wind capacity in a capacity supply agreement (CSA) auction. This June, the fund won the right to build a further 823MW.
These wind parks will receive guaranteed CSA price between RUB 7,000 and 8,000 per MWh ($105.06 and $120.07) for a period of 15 years.
The investment fund has non-binding cooperation agreements with the governments of the Rostov, Kalmykia, and Stavropol Krai regions related to the building of wind power plants.
On 31 October this year, the Fortum-Rusnano wind investment fund and the Government of the Stavropol Krai in Russia entered into a non-binding cooperation agreement to build up to 500MW of wind power plants between this year and 2022. Fortum said that a separate investment decision will be made for each project.
In December last year, the fund entered into a non-binding cooperation agreement with the Government of the Rostov Region to build up to 600MW of wind power plants between 2019 and 2022.