Fortum in Russian Wind Power Cooperation With Bank GPB
January 18 2022 - 3:47AM
Dow Jones News
By Dominic Chopping
Finnish state-controlled utility company Fortum Oyj said Tuesday
that it is starting a wind power generation cooperation in Russia
with Bank GPB, a subsidiary of Gazprombank.
As part of the deal, a 1.3 gigawatt portfolio of wind projects
is being transferred from Fortum's wind investment fund joint
venture with Rusnano OJSC to a joint venture recently established
with Bank GPB.
Upon the transfer, the Fortum-Rusnano wind investment fund joint
venture will be dissolved, it added.
Fortum said it holds the investment fund's most recently awarded
1.4 gigawatts of wind capacity for new wind power generation to be
commissioned during the years 2025-2027 and that it will continue
to assess cooperation with Rusnano for joint future development of
this project portfolio.
Fortum holds a portfolio of around 3.4 gigawatts of wind and
solar power parks and development projects in Russia, either stand
alone or together with its joint ventures with Bank GPB and
Russia's sovereign wealth fund, The Russian Direct Investment
Fund.
Write to Dominic Chopping at dominic.chopping@wsj.com
(END) Dow Jones Newswires
January 18, 2022 03:32 ET (08:32 GMT)
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