Investor news

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

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

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

Nasdaq Helsinki
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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
Nasdaq Helsinki.