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Fortum’s Russian joint venture has participated in a local wind auction – Fortum will not invest in Russia

06 April 2023, 15:30 EEST



Fortum Corporation’s Russian subsidiary PAO Fortum has informed Fortum Corporation that PAO Fortum’s 50%-owned joint venture UralEnergoSbyt has participated in a local auction for wind power capacity construction rights (Capacity Supply Agreement, CSA rights).

The divestment process of Fortum’s Russian operations is ongoing, and Fortum Corporation will not make, support or approve any new investments in Russia. PAO Fortum has independently decided to accept UralEnergoSbyt's  participation in the auction. The decision is against explicit instructions by Fortum Corporation and does not have the parent company approval.

Fortum announced in March 2022 that it stopped all new investments in Russia and will not provide any new financing to its Russian subsidiaries. In May 2022, Fortum said it is pursuing a controlled exit from Russia with a divestment of the operations as the preferred option. The Russian operations are functioning on a stand-alone basis. Subsidiary PAO Fortum’s governance has been segregated to support the planned exit, simultaneously ensuring compliance with applicable laws and regulations, including sanctions.

The UralEnergoSbyt joint venture is not a subsidiary of Fortum and is not consolidated.

Fortum Corporation 

Further information:  
Fortum News Desk, newsdesk [at] fortum [dot] com (newsdesk[at]fortum[dot]com), +358 40 198 2843

Fortum is a Nordic energy company. Our purpose is to power a world where people, businesses and nature thrive together. We are one of the cleanest energy producers in Europe and our actions are guided by our ambitious environmental targets. We generate and deliver clean energy reliably and help industries to decarbonise their processes and grow. Our core operations in the Nordics comprise of efficient, CO2-free power generation as well as reliable supply of electricity and district heat to private and business customers. For our ~5 000 employees, we commit to be a safe, and inspiring workplace. Fortum's share is listed on Nasdaq Helsinki.