“Despite pandemic-related challenges, Fortum together with its joint ventures has been successful in commissioning seven new wind power plants in the Rostov, Volgograd and Astrakhan regions, as well as the first stage of the new 116 MW solar plant in Kalmykia that is set to become, upon completion in 2022, the biggest in Russia,” says Alexander Chuvaev, EVP, Russia Division.
Earlier this year Fortum Russia’s JV was also awarded with Capacity Supply Agreements (CSA) for over 1.3 GW of wind capacity to be built during 2025-2027. The investment decisions related to the solar and wind capacities are made on a case-by-case basis. Fortum’s maximum equity commitment is RUB 15 billion. Total RES portfolio of Fortum Russia and its JVs amounts to approximately 3.4 GW. Fortum builds and operates wind and solar power plants in Russia in 50/50 per cent partnerships with RUSNANO and RDIF.