Fortum-RUSNANO Fund Authorised to Build 823 MW of Wind Capacity

13 June 2018

The Wind Energy Development Fund (WEDF) (established by RUSNANO and Fortum on a par) was authorised to build 823 MW of wind capacity as per the results of a competitive selection of investment projects on building power generating facilities based on using renewable energy sources. Wind farms are to begin operation during the period of 2019–2023, they will receive guaranteed payments for their power for 15 years as per the conditions stipulated by the agreements on power supply for renewable energy source (RES) facilities. The supposed regions for wind turbine building are the Rostov Region, Kalmykia, the Astrakhan Region, the Orenburg Region, the Perm Territory, the Volgograd Region and the Stavropol Territory.

The selection of RES projects was carried out by JSC ATS in 2 stages from May 29 to June 9. The applications of the Fund’s project company LLC Vetroparki FRV were selected from a great number of competitors. The total volume of applications submitted for wind energy facilities contest exceed the available quota until 2023 (0.83 GW) by a factor more than 2.6 and amounted to 2.2 GW. According to the selection conditions, the wind turbine equipment (launched as of 2019) localisation level is to be maintained above the target value of 65%.

The Fund’s wind energy projects portfolio increased to 1823 MW. As per the results of the competitive selection held in 2017, the Fund’s project company was authorised to build wind farms with the total capacity of 1000 MW and a commissioning period lasting until 2022. In the framework of the Fund, RUSNANO and Fortum are planning to invest a total of RUB 30 bln in wind energy projects on a parity basis. The partners intend to keep a flexible portfolio structure for the Fund’s wind farm projects.

The global leader in wind energy solutions, the Vestas company, currently implementing the wind turbine components localisation programme in Russia in a joint effort with RUSNANO, was chosen the main equipment supplier for the Fund’s wind farms. RUSNANO is going to invest up to RUB 1 bln in wind turbine equipment localisation projects in Russia. Thus, in the framework of an industrial cluster in the Ulyanovsk Region, Vestas Manufacturing Rus (a joint company of Vestas Wind Systems A/S, RUSNANO and a consortium of investors of the Ulyanovsk Region) is localising the production of composite blades for wind turbines. RUSNANO is also planning to launch the production of towers for wind turbines in the Rostov Region in a joint venture with Russian and foreign industry partners. Furthermore, in May this year, Vestas launched a platform for manufacturing nacelles (one of the key elements of a wind turbine) in the Nizhny Novgorod Region.

Additional information

Reference

RUSNANO Joint-Stock Company was founded in March 2011 through reorganization of state corporation Russian Corporation of Nanotechnologies. JSC RUSNANO contributes to implementation of the state policy on the development of the nanotechnology industry by investing directly and through investment funds of nanotechnology in financially effective high-technology projects providing the development of new production facilities in the Russian Federation. Its primary investment focus is in electronics, optoelectronics and telecommunications, healthcare and biotechnology, metallurgy and metalwork, energy, mechanical engineering and instrument making, construction and industrial materials, chemicals and petrochemicals. 100 percent of RUSNANO’s shares are state owned. Thanks to RUSNANO’s investments, there are currently 95 factories and R&D Centers opened in 37 regions in Russia. JSC RUSNANO has profit for the last 4 years.

Management of assets of RUSNANO JSC is carried out by Limited Liability Company established in December 2013, RUSNANO Management Company. Anatoly Chubais is the Chairman of its Executive Board.

Work to establish nanotechnology infrastructure and carry out educational programs is fulfilled by RUSNANO’s Fund for Infrastructure and Educational Programs, which was also established during the reorganization of the Russian Corporation of Nanotechnologies.