New Investment Funds

Wind Energy Development Fund

Investors Fund 
RUSNANO, Fortum

Wind Farms to Be Located
in 10 Regions

Investments Geography
Russia

Year of first closing: 2017

Target Fund size
30  BLN RUB

Wind Energy Development Fund was established in 2017 by Fortum PJSC and RUSNANO JSC, on a parity basis, in order to invest in the construction of wind farms. The Fund is managed by Vetroenergetika Management Company, which is jointly and equally owned by Fortum and RUSNANO Management Company. The partners intend to invest a total of up to 30 billion roubles in wind energy projects, on a parity basis. Another source of financing will be bank loans.

Following tenders to select investment projects involving the construction of renewable energy generation facilities, the Fund has been awarded contracts for the construction of almost 2GW of wind energy facilities. The wind farms should start operation between 2019 and 2023.

The Danish company Vestas, a global leader in the production, installation and servicing of wind turbines, has been selected as the Fund’s technological partner. A major condition for the choice of supplier was the fact that it has a programme to localise the production of equipment in Russia. The share of equipment produced locally has been increasing each year, reaching 65% in 2019.

Ulianovsk 2 Wind Farm (UVES-2)

Ulianovsk 2 Wind Farm (UVES-2)

The first joint project to be completed by the partnership was the Ulianovsk 2 Wind Farm (UVES-2), with a capacity of 50 MW. In January 2019 the wind farm started to supply electricity on the wholesale electricity and capacity market.

Promising sites for the construction of other wind farms are being considered in a number of different regions in which Vetroenergetika Management Company has entered into partnership agreements with the regional governments, including Rostov and Saratov regions, Stavropol Territory and the Kalmyk Republic. In selecting sites for future wind farms a number of factors are taken into account, including the wind in the area, as well as logistics, the availability of a local electrical supply network and the extent to which local government bodies are ready to cooperate with the project.

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