RUSNANO Group Exits Wind Turbine Composite Blade Manufacturing Venture with Profit

25 June 2021

The RUSNANO Group and ULNANOTECH Ulyanovsk Nanocenter (a part of FIEP investment network) are selling their shares in Vestas Manufacturing RUS. The RUSNANO Group will continue to collaborate with Vestas as per CSA RES 2.0 (capacity supply agreement for RES generation facilities).

In line with obligations undertaken, the two sides transferred their respective shares (with each owning 24.5%) to the majority shareholder, Vestas Manufacturing RUS LLC. In other words, Vestas, a strategic partner, has now acquired a 100% stake in the manufacturer of wind turbine composite blades.

In line with obligations undertaken, the two sides transferred their respective shares (with each owning 24.5%) to the majority shareholder, Vestas Manufacturing RUS LLC. In other words, Vestas, a strategic partner, has now acquired a 100% stake in the manufacturer of wind turbine composite blades.

“In 2017, Vestas and RUSNANO jointly developed an extensive localisation programme including state of the art blade manufacturing in Ulyanovsk, Russia. RUSNANO’s investment and local experience made it possible for the Ulyanovsk blade factory to successfully meet all its manufacturing objectives ensuring on time delivery of high quality Russian blades to over 650 MW of Vestas wind farms in Russia and of nearly 50 exported blades to projects across Europe. Today, after successfully reaching pre-determined parameters, RUSNANO withdraws from the blade project on previously agreed terms. Now, Vestas looks forward to continueing our close cooperation in the future with RUSNANO within the frameworks of both the CDC 1.0 and CDC 2.0 programmes, and in other areas of mutual interest,” said Tommy Nielsen Rahbek, Chief Operating Officer of Vestas.

“We are at the end of the venture capital financing process involving a project that is important not only for our company but also the economic sector, as a whole. During the three-year period not only have we completed the technology transfer in Russia and nailed down the manufacturing process for wind turbine blades but also started exporting RES-related goods. It is safe to say that the mission within the scope of CSA RES 1.0 based scheme has been successfully accomplished. New projects with Vestas await us. Currently, we are devising a joint investment strategy with regards to CSA RES 2.0, and looking into a possible collaboration in the sphere of venture capital financing as well as on green hydrogen production and offshore wind energy projects,” noted Alisher Kalanov, the Head of Investment Division RES at RUSNANO Management Company.

Vestas Manufacturing RUS is one of the key facilities that are part of the plan to localize production of wind farm equipment in Russia. It can make as many as 500 wind turbine blades a year. Setting up of this manufacturing facility along with the wind turbine tower production (Rostov Region) and nacelle assembly factories (Nizhny Novgorod Region), helped business ventures involving Vestas to meet all the localization-related targets (to more than 65%) of CSA RES 1.0 based scheme.

In 2018, the plant for making wind turbine composite blades was established by RUSNANO and Akvilon (the Ulyanovsk Region Investor Consortium that includes the ULNANOTECH nanocenter) in collaboration with Vestas. Overall, more than RUB 2 bln in financing was provided. Vestas transferred the technology used in the manufacture of wind turbine blades. 

Products of Vestas Manufacturing RUS are used in Russia as well as abroad. Blades produced by the company have equipped wind turbines in the Republic of Kalmykia, the Rostov and Astrakhan Regions. Wind farms help lower carbon dioxide emissions by hundreds of thousands of metric tons on an annual basis and the power they generate meets energy needs of over 300,000 private households. In 2020, Vestas Manufacturing RUS exported a batch of equipment to Denmark.

Reference

The Ulyanovsk nanocenter ULNANOTECH was established in accordance with the program for the creation of nanotechnological centers of JSC RUSNANO. The total investment in the nanocenter will amount to 2.1 bln rubles. The official launch was in August 2013.

The nanocenter specializes in automotive components (composite metal materials, composite polymer materials based on glass and carbon fiber, glass coating, engineering, and prototyping), aviation and space (tooling for metal casting), composite non-ferrous metal castings, prototyping and small-scale production of metal products), and construction (composite materials based on non-metallic minerals, modified concretes, liquid building mixtures and paintwork materials, architectural coated glass, and structural building materials). Andrey Redkin is Director General.

More about the nanocenter — www.ulnanotech.com

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The Vestas Manufacturing RUS plant, which was launched in December 2018, is Russia’s only producer of composite blades for wind turbines. The manufacturing facility is located in the Ulyanovsk Region aviation cluster. The blades are designed for wind turbines with capacities ranging from 3.4 to 4.2 MW. Partners of this initiative include Vestas, RUSNANO and the Ulyanovsk Region Development Corporation, which includes Ulyanovsk nanocentre ULNANOTECH. Over 500 workplaces have been created at the high-tech plant.

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The RUSNANO Group includes the RUSNANO Joint Stock Company, the RUSNANO Management Company and the Fund for Infrastructure and Educational Programs. Thanks to RUSNANO’s investments, there are currently 138 factories and R&D Centers opened in 37 regions in Russia.