New alternative energy company to operate in Russia
The Russian Direct Investment Fund (RDIF) and Finnish company Fortum are to work together to develop alternative energy in Russia, creating a joint venture for investment in wind energy and the purchase of several fully-ready wind parks with a total capacity of more than 350 MW.

     The joint company is acquiring wind power stations in Ulyanovsk region on the Volga and Rostov region in southern Russia – built with due consideration of all official Russian requirements of producing locally and concluding long-term agreements on power supply.

    “RDIF and Fortum will continue working on other joint projects in wind and solar energy to create one of Russia’s largest players in renewables,” the two companies said in a joint statement.

    The RDIF believes that the Fund’s international co-investors will soon join the accord.

    Fortum, part of the Russian division of the Finnish corporation, purchased two wind farms in Rostov region for 21 billion roubles ($285 million). These are the second and third farms of the Fortum-Rusnano Wind Investment Fund.

    Forbes earlier announced that it intends to achieve carbon-neutral status at all its European sites by 2035 and by 2050 at all remaining sites. The company plans to reduce the share of coal in its portfolio and concentrate on renewable energy sources.

     In Russia, it plans to lower the share of gas and coal in its operations. Its Russian affiliate owns gas and coal power stations with a capacity of nearly 5 GW – as well as solar and wind projects.

    The RDIF, created in 2011 to facilitate investment in projects within Russia along with foreign investors, has repeatedly declared energy projects to be a priority in its activity.


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January 2021