The Fortum-Rusnano wind investment fund and the Government of Saratov Region in Russia have signed a non-binding cooperation agreement to develop 300MW of wind power plants in the region between 2019 and 2023.
The agreement was signed on the sidelines of the Russian Investment Forum in Sochi and it defines the general principles for cooperation between the parties on development and implementation of the wind projects in the region. Investment decisions will be taken on a case-by-case basis, Fortum-Rusnano fund stated.
The fund had already signed non-binding co-operation agreements with other regional governments in Russia including Rostov, Kalmykia, and Stavropol Krai regions to build wind farms.
Saratov Region Governor Valeriy Radaev said: “The investment project for construction of wind power plants is very significant for Saratov Region. It is future development of the region’s energy potential on the level of the whole country. This project has a bright future, and regional authorities are ready to support its successful implementation. I am sure that partnership will develop even further.”
Fortum’s Russia division executive vice president Alexander Chuvaev said: “Saratov Region is one of the industrial powerhouses of the Volga area, and we are convinced that wind power projects will drive further energy infrastructure development and increase of the carbon-free generation in the region.”
Last month, the Fortum-Rusnano wind started operating the 50MW wind farm in Ulyanovsk, Russia. This is the first plant to have begun operations of the total of 1.8GW awarded to the fund in the Russian wind auction in 2017 and 2018. This wind farm is supported by 15 years of guaranteed CSA price.
In December, the fund had taken investment decision for a 100MW wind farm to be built in Russia.
The Fortum-Rusnano wind investment fund is a 50/50 ownership between Fortum, a Finnish government-owned power company and Rusnano, a Russian government-owned fund for commercializing nanotechnology.
The fund was established for investing in wind farms. After the Russian Government announced wind auctions, the fund was selected to build 1.8GW wind farms, which are expected to be commissioned between this year and 2023.