Fortum to increase its wind capacity in Russia

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The Fortum-Rusnano wind investment fund has made an investment decision on the construction of wind power parks with a total capacity of 236.6 MW in the Samara region in Russia. The Fortum-Rusnano wind investment fund was established by PAO Fortum and the Rusnano Group on a parity basis with the purpose of investing in wind energy in Russia.

The investment decision follows the signing of non-binding wider cooperation agreement between the wind investment fund and the Government of the Samara Region that envisages construction of wind parks with a total capacity of up to 300 MW in the region in 2022–2023. Gazprombank will provide financing for the project.

The wind parks in the Samara region are expected to be commissioned in the fourth quarter of 2022.

“We are glad to expand the geography of our wind power production to the Samara region, one of the leading industrial centers of Russia. We are certain that implementation of renewable energy projects will enable further development of the energy infrastructure of the region,” says Alexander Chuvaev, Executive Vice President of Fortum’s Russia Division.

In line with its strategy Fortum aims to grow a sizable portfolio of onshore wind and solar based power generation. Fortum the largest renewable energy power producer in Russia.

The new wind power projects are a part of the wind portfolio of 1,823 MW that the Fortum-Rusnano wind investment fund received in 2017 and 2018 in the selection of renewable energy sources investment projects.

Today the fund's portfolio of fully ready and commissioned assets consists of seven wind power plants with total capacity of 600 MW. 350 MW of this volume in Ulyanovsk and Rostov region were sold to the joint venture of Fortum and RDIF. The fund’s portfolio includes 731.6 MW of projects under construction: 50 MW in Rostov region, 340 MW in Astrakhan region, 105 MW in Volgograd Region and 236.6 MW in Samara region.

Fortum Corporation

Further information:

Måns Holmberg, Manager, Investor Relations and Financial Communications, tel. +358 44 518 1518

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. Together with our subsidiary Uniper, we are the third largest producer of CO2-free electricity in Europe. Close to 20,000 professionals and a combined balance sheet of approximately EUR 60 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.