The Fortum-Rusnano wind investment fund (50/50 joint venture) has participated in the latest Russian renewables auction.
The fund was awarded annual CSA (Capacity Supply Agreement) remuneration in the range of RUB 16.9–23.8 billion for new wind power generation.
This corresponds to wind capacity of approximately 430–530 MW per annum (a total of 1.3–1.6 GW); to be commissioned during the years 2025–2027.
The number of gigawatts finally to be constructed is subject to separate investment decisions. The projects will be covered by CSAs for a period of 15 years from commissioning.
The average nominal price is expected to be in the range RUB 2,600–4,200 per MWh during the CSA period.
The estimated prices are inflation adjusted. These numbers do not include additional potential revenues for bilateral green energy sales, where Fortum and its joint ventures are the market leader in Russia.
Fortum is an active participant in renewable energy development in Russia, where the company owns the largest wind and solar power portfolio of more than 2 GW, including the joint ventures with Rusnano and the Russian Direct Investment Fund (RDIF).
Fortum’s maximum equity commitment is RUB 15 billion for the development of renewables in Russia.