Wind Energy Development Fund and Government of Saratov Region Sign Cooperation Agreement

14 February 2019

The Wind Energy Development Fund (a joint enterprise established on a parity basis by Fortum PJSC and RUSNANO) and the Government of Saratov Region have signed a non-binding cooperation agreement, under which wind farms with a total capacity of up to 300 MW are to be constructed in the Region in 2019–2023.

The agreement was signed during the Russian Investment Forum, held in Sochi. The agreement was signed by Valery Radaev, Governor of Saratov Region, and Alexander Chuvaev, General Director of Vetroenergetika Management Company LLC. The agreement outlines the general principles governing the cooperation between the parties on the planning and implementation of wind farm projects in the region. The amount of investment will be determined at a later date.

Wind Energy Development Fund and Government of Saratov Region sign cooperation agreement

In the photo: Alexander Chuvaev (L), General Director of Vetroenergetika Management Company LLC, and Valery Radaev, Governor of Saratov Region

“Saratov Region is taking active steps to promote the development of renewable energy sources, which is a new direction for us. In 2017 the region’s first photovoltaic power plants were launched. Now it is the turn of wind energy. When the wind farms are up and running the region will be making use of most of the available forms of energy—we already have nuclear, hydroelectric and thermal power stations. Developing our capacities in this way will strengthen our status as one of the country’s net energy providers,” said Valery Radaev, Governor of Saratov Region.

“Saratov Region is an example of how regions are increasingly choosing to focus on developing renewable energy sources. We are happy that the Fund is extending the geographical range of its projects and including this major industrial centre in its portfolio. We believe that this constructive joint project with the government of Saratov Region can guarantee the success of our investment in the construction of wind parks,” commented Alisher Kalanov, the head of the Board of Directors of Vetroenergetika Management Company LLC.

“Saratov Region is one of the leading industrial centres of the Volga River basin, and we are confident that the implementation of wind energy projects will promote the development of the region’s energy infrastructure and reduce the share of hydrocarbons in its energy mix,” said Alexander Chuvaev, General Director of Vetroenergetika Management Company LLC.

The Wind Development Investment Fund was established by its co-founders to make investments in the construction of wind farms. The Fund is managed by Vetroenergetika Management Company LLC, which is jointly owned equally by Fortum PJSC and RUSNANO. Following tenders to select investment projects for the construction of renewable energy generation facilities, the Fund was awarded contracts to build wind farms with a total capacity of almost 2 GW. The wind parks should be put into operation between 2019 and 2023.

The first joint project completed by the partnership was the Ulyanovsk 2 Wind Power Plant, with a capacity of 50 MW. The wind farm started supplying electricity to the wholesale electricity and electric capacity market (WEECM) in January 2019.

The partners have announced plans to construct wind farms in Rostov Region, the Kalmyk Republic, and Perm and Stavropol Territories.

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 103 factories and R&D Centers opened in 37 regions in Russia. JSC RUSNANO has profit for the last 5 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.