By Dominic Chopping
Finnish state-controlled utility company Fortum Oyj said Tuesday that it is starting a wind power generation cooperation in Russia with Bank GPB, a subsidiary of Gazprombank.
As part of the deal, a 1.3 gigawatt portfolio of wind projects is being transferred from Fortum's wind investment fund joint venture with Rusnano OJSC to a joint venture recently established with Bank GPB.
Upon the transfer, the Fortum-Rusnano wind investment fund joint venture will be dissolved, it added.
Fortum said it holds the investment fund's most recently awarded 1.4 gigawatts of wind capacity for new wind power generation to be commissioned during the years 2025-2027 and that it will continue to assess cooperation with Rusnano for joint future development of this project portfolio.
Fortum holds a portfolio of around 3.4 gigawatts of wind and solar power parks and development projects in Russia, either stand alone or together with its joint ventures with Bank GPB and Russia's sovereign wealth fund, The Russian Direct Investment Fund.
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(END) Dow Jones Newswires