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    Gazprombank and Fortum announce creation of JV in Russian renewable energy sector

    January 18, 2022 - Contify Banking News


      Moscow, Jan. 18 -- Gazprombank issued the following news release:

      Gazprombank and PJSC Fortum, the Russian division of the European energy concern Fortum, announce the creation of a joint venture to develop wind energy projects in Russia.

      The JV portfolio will include projects with a total capacity of 1,256 GW. Part of the wind power plants in the Astrakhan, Volgograd and Rostov regions with a capacity of 529.2 MW already supplies electricity to the wholesale market, other projects with a capacity of about 726.6 MW, of which facilities with a total capacity of 253.4 MW - 16.8 MW are under construction in the Volgograd Region and 236.6 MW in the Samara Region, 473.2 MW are under development. These capacities will be put into operation during 2022–2023. Previously, the projects were implemented by the Wind Energy Development Fund, the joint investment fund Fortum and RUSNANO, which ceases to exist.

      The total volume of projects based on renewable energy in the portfolio of Gazprombank and joint ventures, taking into account the deal with Fortum, will be 3.7 GW, thus the Bank is the leader in financing generation projects based on renewable energy sources in Russia.

      “To date, Gazprombank has formed the largest portfolio in Russia for financing projects in the renewable energy sector, the volume of which, taking into account this project, will amount to 3.7 GW. Gazprombank was the first financial institution that saw the potential in the development of Russian wind energy, and today we see that such projects are not only environmentally oriented, but also in demand and financially sustainable, as evidenced by the interest in the development of such projects in Russia from foreign companies,” - said Alexey Belous, Deputy Chairman of the Management Board of Gazprombank.

      Fortum is a leading investor in Russia in the field of wind energy. Expanding cooperation with GPB, which is actively implementing ESG principles in its activities, creates new opportunities for us to implement a large-scale renewable energy development program that will help our country's economy adapt to the global energy transition. The creation of the joint venture demonstrates the high level of GPB's trust in Fortum and has become evidence of the recognition of our effectiveness,” comments Alexander Chuvaev, Executive Vice President of Fortum Corporation, Head of the Russia Division.


      Gazprombank is among the top three leaders in the Russian banking industry in terms of key volume indicators (according to INTERFAX-100. Banks of Russia), as well as among the largest financial institutions in Central and Eastern Europe.

      Fortum is a European energy company with operations in over 40 countries. We provide our consumers with electricity, gas, heat and cold, and also offer intelligent solutions for more efficient use of resources. Together with our subsidiary Uniper, we are the third largest CO2-free electricity producer in Europe. With around 20,000 professionals and around €60 billion in consolidated assets, we have the scale, competencies and resources to play a leading role in the energy transition. Fortum shares are listed on the Nasdaq Helsinki, Uniper shares are listed on the Frankfurt Stock Exchange.

      PJSC Fortum is part of the Russia division of Fortum Corporation, which also includes Fortum's participation in PJSC TGC-1 (29.5%). The company carries out activities for the production and sale of electrical and thermal energy. The Russia division includes seven thermal power plants located in the Urals and Western Siberia, a wind power plant in the Ulyanovsk Region and three solar power plants in the Orenburg Region and the Republic of Bashkortostan.

      Disclaimer: The Above Content is Auto-Translated

      Source: Gazprombank

      [Catagory: Banking, Energy]


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