Wind and solar in Russia
One of Fortum's four strategic cornerstones is growing in solar and wind.
We have announced plans to further expand our wind and solar power production in Russia. Our long-term ambition is to have approximately 500 MW of renewable capacity in Russia. The goal supports Fortum's strategy to increase the share of CO2-free generation capacity and is in line with the company's overall target of creating a gigawatt-scale wind and solar portfolio.
In June 2018 Fortum won the right to build 110 MW of solar capacity in a Russian Capacity Supply Agreement (CSA) auction. In the same auction, the Fortum-Rusnano wind investment fund (Fortum's ownership 50%) won the right to build 823 MW of CSA-supported wind capacity. The investment decisions related to the above mentioned capacities will be made on a case-by-case basis.
In January 2018 we added 35 MW of wind power to the Russian power market when our Ulyanovsk wind farm was listed in the registry of capacity. This power plant is Russia’s first whole sale market wind generation facility.
In 2017 Fortum and RUSNANO established investment partnership in order to secure the possibility of a Russian Capacity Supply Agreement (CSA) wind portfolio in Russia. In June, the same year, the investment partnership won the right to build 1,000 MW of wind capacity by 2022, 50 WM of which is currently under construction.
In November 2017 we signed an agreement to acquire three solar power companies from Hevel Group, Russia's largest integrated solar power company. The transaction was closed in December 2017. All three power plants are operational with a total capacity of 35 MW. The plants were commissioned in 2016 and 2017. Hevel Group will provide operation and maintenance services for all three power plants.