Fortum-RUSNANO wind investment fund to start implementation of first 50 MW project in Russia

FORTUM CORPORATION INVESTOR NEWS 31 OCTOBER 2017 10.15 EET

The Fortum-RUSNANO wind investment fund is starting implementation of the first

50 MW project in Russia. The project is the first of the total 1,000 MW awarded

to the fund in the Russian wind auction in June 2017.



The first turbine supply agreement for the project (14 turbines, with total

capacity of approximately 50 MW) is signed with Vestas, who was previously

selected as a vendor for the main generating equipment supply and services.



The wind farm is expected to start production during the first half of 2019.



Fortum's long-term ambition is to have approximately 500 megawatts (MW) of wind

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. The

Fortum-RUSNANO wind investment fund is a 50/50 owned investment partnership to

invest in wind power in Russia. Fortum’s equity stake in the wind investment

fund totals a maximum of RUB 15 billion (currently approximately EUR 220

million).



Fortum announced the establishment of the wind investment fund on 27 April 2017

and the outcome of the wind capacity auction on 15 June 2017.



Fortum Corporation

Måns Holmberg, Acting Head of Investor Relations and Financial Communications



Further information:

Investor Relations & Financial Communications, Måns Holmberg, tel. +358 44 518

1518, Rauno Tiihonen, tel. +358 10 453 6150



Distribution:

Nasdaq Helsinki

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Fortum

Fortum is a leading clean-energy company that provides its customers with

electricity, heating and cooling as well as smart solutions to improve resource

efficiency. We want to engage our customers and society to join the change for

a cleaner world. We employ some 9,000 professionals in the Nordic and Baltic

countries, Russia, Poland and India, and 62% of our electricity generation is

CO2 free. In 2016, our sales were EUR 3.6 billion. Fortum's share is listed on

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