MOSCOW. Jan 18 (Interfax) - The Wind Investment fund joint venture between Fortum (MOEX: TGKJ) and Rosnano is ceasing its operations, with the energy company transferring joint projects to a new JV with Gazprombank (MOEX: GZPR), according to statements from the parties.
The new JV with Gazprombank will take over the projects with capacity of nearly 1.3 GW from the joint venture with Rusnano, Fortum said in its statement.Upon the transfer, the joint venture of Fortum-Rusnano Wind investment fund will be dissolved. Project to be transferred include ones that are completed and ones that are still under construction.
Rosnano's statement specifies that the company is "selling" its stake in the Wind Investment fund. At the same time, Rusnano will continue cooperation with Fortum within the framework of the 1.4 GW projects selected in tenders last September. "The decisions made by the companies as part of the implementation of this portfolio of projects will be announced separately at a later time," the Russian division of Fortum said in a statement.
The new joint venture with Gazprombank will receive already commissioned projects of 529.2 MW in the Rostov, Astrakhan and Volgograd Regions, as well as rights to build another 730 MW, which the Wind Investment fund received as part of 2017-2018 renewable energy tender selection. There are now 253.4 MW of facilities under construction and 473.2 MW under development, Fortum said.
Including the JV, the bank's portfolio for financing renewable energy projects in Russia will increase to 3.7 GW, the bank notes.
Fortum and Rusnano established a joint company to develop renewable energy projects in Russia in 2017. The joint venture was named Wind Energy Management Company, with each party owning a 50% stake, with a total contribution of 500,000 rubles. This entity managed a joint fund of the parties, the Wind Investment fund.
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