JSC Rosnano, a Russian government-owned corporation established to commercialize developments in nanotechnology, and Fortum, a Finland’s state energy company, set up investment fund for wind power development.
Within the framework of the Fund’s operation, 30 billion rubles ($530 million) are planned to be allocated to wind power projects, according to the Russian corporation.
“Within their partnership, Rosnano and Fortum, are going to collectively invest 30 billion rubles in these projects on a parity basis. Projects funding will also be carried through Russian project financing (without recourse to the borrowers). At present, a number of major banks have displayed their interest to participate in the project,” the document reads.
The Fund is intended for investing in wind farms construction and running projects for the localization of wind turbines production, as well as venture projects in the field of renewable energy.