The Fortum-Rusnano wind investment fund is set to build wind power parks in Russia’s Samara region with a total capacity of 236.6MW.

Established by PAO Fortum and the Rusnano Group on a parity basis, the investment fund will focus its investments on the development of wind energy in the country.

The investment decision was made following a non-binding wider cooperation agreement between the Fortum-Rusnano wind investment fund and the government of the Samara Region.

This agreement envisages the construction of wind power generation facilities with a total capacity of up to 300MW in the region between next year and 2023.

Russian private-owned bank Gazprombank has agreed to finance the project.

The wind parks, expected to come online in the fourth quarter of next year, are in line with Fortum’s strategy to increase its portfolio of onshore wind and solar-based power generation in the region.

Fortum Russia Division executive vice-president Alexander Chuvaev said: “We are glad to expand the geography of our wind power production to the Samara region, one of the leading industrial centres of Russia.

“We are certain that implementation of renewable energy projects will enable further development of the energy infrastructure of the region.”

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

The investment fund currently has a portfolio of seven wind power plants with 600MW of combined capacity, which are fully ready and commissioned. Its portfolio includes 731.6MW of projects under construction.