Fortum diversifies its wind power cooperation in Russia

FORTUM CORPORATION ONLINE NEWS 31 DECEMBER 2020 15:00 EET

Fortum is diversifying its cooperation in wind power generation in Russia in collaboration with the Russian Direct Investment Fund (RDIF). The Fortum-Rusnano Wind Investment Fund has sold the 50-MW Ulyanovsk 2 and the 300-MW Rostov wind farms to a joint venture recently established with RDIF for this purpose. Fortum’s ownership in the joint venture is 49%.

In line with its strategy Fortum aims to grow a sizeable portfolio of onshore wind and solar based power generation both by utilising various forms of cooperation and its own balance sheet.

The transactions are made within Fortum’s earlier communicated maximum equity commitment of RUB 15 billion for development of renewables in Russia.

The 50-MW Ulyanovsk 2 wind farm, commissioned in January 2019, was the first joint project completed by the Fortum-Rusnano Wind Investment Fund. The 300-MW Rostov wind farms started supplying power and capacity to the market earlier this year.

Fortum Corporation
Group Communications

Further information:

Ingela Ulfves, VP, IR and Financial Communications, tel. +358 40 5151 531
Måns Holmberg, IR Manager, tel. +358 44 518 1518
Rauno Tiihonen, IR Manager, tel. +358 10 453 6150

Fortum
Fortum is a European energy company with activities in more than 40 countries. We provide our customers with electricity, gas, heating and cooling as well as smart solutions to improve resource efficiency. We want to engage our customers and society to join the change for a cleaner world. Together with our subsidiary Uniper, we are the third largest producer of CO2-free electricity in Europe. With approximately 19,000 professionals and a combined balance sheet of approximately EUR 69 billion, we have the scale, competence and resources to grow and to drive the energy transition forward. Fortum's share is listed on Nasdaq Helsinki and Uniper's share on the Frankfurt Stock Exchange. www.fortum.com