New Investment Funds

Wind Development Investment Fund

Investors Fund 
RUSNANO, Fortum

Production Location
Ulianovsk

Investments Geography
Россия

Year of first closing: 2017

Fund size
30  BLN RUB

Fund Projects

The Fund was established with a view to invest in the construction of wind parks and to launch projects on the wind turbine production localization as well as venture projects in renewable energy.

As a result of the tender, the portfolio company and the Fund operator “Fortum Energhiya” won the right to participate in several projects for the construction of power plants operating with use of wind energy. It is planned that wind power plants with total capacity of up to 1000 MW will be constructed under the projects.

Within the partnership, RUSNANO and Fortum on a parity basis intend to invest a total of 30 billion RUR in these projects. Funding of the projects will also include debt bank financing. The interest in participating in the project has been voiced by a number of largest banks.

For the realization of the project, a foreign supplier was selected - Danish wind company Vestas.

One of the main conditions of the selection of the supplier was the equipment production localization program on the Russian territory. The local content level will increase annually and should reach 65% by 2019.

In addition to the participation in the created Fund RUSNANO intends to independently invest in localization projects up to 1 billion RUR. Such projects are planned to be implemented together with the selected supplier and its OEM partners as well as Russian technological partners. The investments will be used for the establishment of plants for manufacturing of assemblies and components of wind turbines: blades, towers and other. The listed products will be, among other things, manufactured using nanotechnologies. The project implementation will give effect in related industries (metallurgy, materials science, power engineering, construction, engineering, service), allow including Russian enterprises in the global supplier chain and realizing their export potential.

In 2017, Fortum plans to complete the construction of a wind park with a capacity of 35 MW, which is supposed to be included in the partnership. The selection of sites for other wind parks with potential investments from the Fund, is being made in Rostov, Ulyanovsk, Murmansk, Krasnodar and Stavropol regions, the Republic of Tatarstan and other regions. Promising development areas are determined based on wind parameters, logistics, accessibility of the power grid infrastructure and readiness of the local authorities to support the implementation of projects.