EnergyWatch

New partnership will pour EUR 240 million into Russian wind

Nordic energy company Fortum is entering into a partnership with Russia in the hopes of installing half a gigawatt of wind power on the dawning market.

Finland's Fortum has established a joint venture with the state-owned Russian development company Rusnano. The partnership's purpose is to secure potential access to Russian subsidies for wind projects (CSA), announces Fortum in a corporate statement.

Fortum plans to inject upwards of RUB 15 billion (EUR 240 million) in the 50/50 joint venture. This amount will be invested in Russian wind turbine projects over a five-year period, however this depends on the outcome of Russian auctions and fundamentally on Russian conditions for establishing a domestic supply chain which can deliver enough locally produced content to qualify for support.

Read the whole article

Get 14 days free access.
No credit card required.

An error has occured. Please try again later.

Get full access for you and your coworkers.

Start a free company trial today

More from EnergyWatch

Employee of Danish marine fuel supplier charged for corruption in Singapore

A trader at KPI Oceanconnect, a subsidiary of Bunker Holding, has been charged with corruption totaling at least USD 191,250 as rewards for nominating Straits for the supply of bunker fuel to KPI's customers. The employee has been suspended and his contract terminated, the company informs ShippingWatch.

EU awards big aid for Danish scaled green hydrogen push

The European Union has green-lit millions of euros of subsidy for a 100MW hydrogen project in Denmark with the involvement of several big domestic players. The project is meant to be the enabling stepping stone for GW-scale H2 projects as well as electrolysis at sea.

Further reading

Related articles

Trial banner

Latest News

See all jobs