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June 7, 2021

Fortum-Rusnano fund to build wind power parks in Russia

The projects are part of an 1,823MW wind portfolio that Fortum-Rusnano received in 2017 and 2018.

By Umesh Ellichipuram

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.

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Wind Power Market seeing increased risk and disruption

The wind power market has grown at a CAGR of 14% between 2010 and 2021 to reach 830 GW by end of 2021. This has largely been possible due to favourable government policies that have provided incentives to the sector. This has led to an increase in the share of wind in the capacity mix, going from a miniscule 4% in 2010 to 10% in 2021. This is further set to rise to 15% by 2030. However, the recent commodity price increase has hit the sector hard, increasing risks for wind turbine manufacturers and project developers, and the Russia-Ukraine crisis has caused further price increase and supply chain disruption. In light of this, GlobalData has identified which countries are expected to add the majority of wind power capacity out to 2030. Get ahead and download this whitepaper for more details on the current state of the Wind Power Market.
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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.

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Free Report
img

Wind Power Market seeing increased risk and disruption

The wind power market has grown at a CAGR of 14% between 2010 and 2021 to reach 830 GW by end of 2021. This has largely been possible due to favourable government policies that have provided incentives to the sector. This has led to an increase in the share of wind in the capacity mix, going from a miniscule 4% in 2010 to 10% in 2021. This is further set to rise to 15% by 2030. However, the recent commodity price increase has hit the sector hard, increasing risks for wind turbine manufacturers and project developers, and the Russia-Ukraine crisis has caused further price increase and supply chain disruption. In light of this, GlobalData has identified which countries are expected to add the majority of wind power capacity out to 2030. Get ahead and download this whitepaper for more details on the current state of the Wind Power Market.
by GlobalData
Enter your details here to receive your free Report.

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