Wind Energy Development Fund

Company

Power
Russia
Central Federal District of the Russian Federation
Moscow

Owners:
Gazprombank (GPB) - 50%
Fortum

Content

History
See also

Owners

+ Government of the Russian Federation

+ Rosneft of the Tax Code

+ Federal Agency for State Property Management (Federal Property Management Agency)

+ Rosneftegaz (RNG)

+ Ministry of Finance of the Russian Federation

+ Gazprom

+ Nowfinteh

+ Vnesheconombank

+ Fortum

The Wind Energy Development Fund was established by partners to invest in the construction of wind parks. The fund is managed by Wind Energy Management Company, owned by Fortum PJSC and Rusnano JSC in equal shares. According to the results of the competitive selection of investment projects for the construction of generating facilities operating on the basis of the use of renewable energy sources, the Fund received the right to build almost 2 GW of wind generation. Wind farms should be put into operation in the period of 2019-2023.

History

2022: Gazprombank bought 50% of FRV

On January 18, 2022, Rusnano announced the sale of 50% of the Wind Energy Development Fund (FRV) to Gazprombank, which the state corporation developed together with the Finnish company Fortum. The financial terms of the agreement are not disclosed.

In accordance with the agreement, the projects of wind farms (WES) for 1.256 GW put into operation and under construction will be part of the new Fortum and Gazprombank joint venture (its name is not announced on January 18, 2022), after which the Wind Energy Development Fund will cease to exist. Investments in wind farms are made with a fixed yield of 12% per annum due to an increased electricity tariff. Rusnano and Fortum contributed 15 billion rubles to the capital of FRV.

Gazprombank bought 50% of FRV

Part of the wind power plants (WEU) with a capacity of 529.2 MW, which are developed by the FRV, by January 18, 2022 year they are already supplying electric energy to the wholesale market, other projects with a capacity of about 726.6 MW will be put into operation during 2022-2023.

According to Kommersant, Rusnano has been gradually withdrawing from green energy projects since 2020. For example, 550 MW stations were previously sold to the new Fortuma joint venture and RDIF. "Rusnano was interested in withdrawing from previously built assets in Ulyanovsk, Rostov and Kalmykia. A new long-term joint venture with the RDIF was created on the basis of these VES, the head of Fortum Alexander Chuvaev told the publication, noting that the company always analyzes the optimal ownership structure.

As for Gazprombank, according to the chairman of the board of the credit organization Alexei Belous, by January 18, 2022 he formed the largest portfolio in Russia for financing projects in the renewable energy sector, the volume of which, taking into account this project, will be 3.7 GW.^[1]

2021: Start of industrial operation of wind power plants in Astrakhan, Volgograd and Rostov regions

The Wind Energy Development Fund (a joint investment fund created on a parity basis by the Rusnano Group and Fortum PJSC) began industrial operation of wind power plants in the Astrakhan, Volgograd and Rostov regions, with a total capacity of 478 MW. This was reported by Rusnano on December 1, 2021.

We observe the rapid development of wind energy in the regions of Russia, which once again proves the operability of the domestic support system for green energy. Together with Fortum, we created a market player - the Wind Energy Development Fund, which formed the largest portfolio of projects in Russia within the framework of the PDM RES 1.0 and 2.0 programs. The portfolio of projects of the PDM RES 1.0 program forms orders for enterprises for the production of localized WEU equipment created with the participation of RUSNANO. All requirements to ensure the required level of localization of wind plants are fulfilled in full. RUSNANO is ready for new industrial challenges in the framework of fulfilling the requirements for deepening the level of localization and export support formed by the regulator for the implementation of PDM RES 2.0 projects, "said Alisher Kalanov, Member of the Management Board, Head of the Investment Division of LLC UK RUSNANO.

Fortum structures in Russia, including the Wind Energy Development Fund, were the first to overcome a special threshold for Russia, ensuring the combined commissioning of WES capacities over 1 GW. Despite the restrictions caused by the COVID-19 pandemic, the global increase in prices for metals and building materials, we commissioned hundreds of megawatts of renewable energy in 2020 and 2021 in accordance with the schedule and approved level of capital expenditures. The pace and volume of construction taken demonstrates the Fund's ability to implement the most ambitious investment program in the field of renewable energy in Russia, which provides for the construction of more than 3.4 GW by 2027, "said Alexander Chuvaev, executive vice president of Fortum Corporation, head of the Russia division, general director of Vetroenergetika Management Company.

During the year, 114 wind power plants were installed, and the Fund's portfolio of implemented projects increased to 1078 MW. The production and assembly of the main components - blades, towers, nacelles - is carried out in Russia. The degree of localization of the equipment of commissioned wind farms was confirmed by the Ministry of Industry and Trade of Russia and amounts to more than 65%.

In the Astrakhan region, five wind generation facilities were built and began to supply electricity and capacity to the wholesale electricity and capacity market (OREM) at once: Radiant Wind Power Plant, Manlanskaya Wind Power Plant, Staritskaya Wind Power Plant, Kholmskaya Wind Power Plant and Chernoyarskaya Wind Power Plant. On the territory of the stations, the total capacity of which is 340 MW, 81 wind power plants manufactured by Vestas were installed. Astrakhan wind farms became the second largest wind energy cluster of the Fund after the capacity cluster in the Rostov region.

In the Volgograd region in December, industrial operation of the Kotovskaya wind farm with a capacity of 88 MW began. 21 wind power plants manufactured by Vestas with a capacity of 4.2 MW each were installed on the territory of the stations. Kotovskaya VES became the first wind generation facility in the Volgograd region, but the Fund is already implementing the following investment project in the region: in the fourth quarter of 2022, it is planned to commission the Novoalekseevskaya VES with a capacity of 17 MW.

In the Rostov region, the Wind Energy Development Fund began industrial operation of the second stage of the Cossack WES. In 2021, 12 wind power plants manufactured by Vestas with a capacity of 4.2 MW each were installed on the territory of the WES, and the station reached a design capacity of 100 MW.

In the Rostov region as of December 2021, the Fund's largest regional investment program was implemented. With the commissioning of the second phase of the Cossack WES, the total installed capacity of the largest wind energy cluster in Russia located in the Rostov region increased to 400 MW.

2019

The first joint partnership project completed was the Ulyanovsk wind farm-2 with a capacity of 50 MW. The station began supplying electricity to the wholesale electricity and capacity market (OREM) in January 2019.

Earlier, partners also announced plans to build wind farms in the Rostov Region, the Republic of Kalmykia, Perm and Stavropol Territories.