RDIF and Fortum concluded an agreement on cooperation in power industry sector in Russia

Press release, 21.10.2019

Moscow, October 21, 2019 - The Russian Direct Investment Fund (RDIF), Russia’s sovereign wealth fund, and Fortum, a leading Nordic energy company and a pioneer in RES generation in Russia, signed an agreement on cooperation in Russian power generation market.

The announcement was made today on the sidelines of the Foreign Investment Advisory Council (FIAC) chaired by Prime Minister Dmitriy Medvedev.

RDIF and Fortum agree act together to identify attractive investment opportunities in the Russian renewables & thermal power generation.

Fortum is the leading producer and supplier of thermal and electrical power in Ural and Western Siberia. The Company’s assets in Russia include eight thermal power plants, including five in the Chelyabinsk Region and three in the Tyumen Region, including Nyagan GRES (Nyagan City, Khanty-Mansiysk Autonomous District), which is one of the largest and most innovative thermal power plants in Russia. Fortum in Russia also owns (also in cooperation with partners) largest renewables portfolio.

Kirill Dmitriev, CEO of the Russian Direct Investment Fund (RDIF), said:
“RDIF is supportive of clean energy in Russia, contributing to the implementation of the national project "Ecology". In partnership with Fortum we plan to focus on projects that will enable us to develop our generation of green energy, implement efficient resource management and to meet market needs, minimizing negative environmental impacts”.

Pekka Lundmark, President and CEO of Fortum Corporation, said:
“Fortum is one of the key players in the Russian renewable generation energy sector. We are very glad that the RDIF has expressed their interest in this rapidly developing area, and are positive our cooperation holds many interesting projects in the future”.

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Russian Direct Investment Fund (RDIF) is Russia's sovereign wealth fund established in 2011 to make equity co-investments, primarily in Russia, alongside reputable international financial and strategic investors. RDIF acts as a catalyst for direct investment in the Russian economy. RDIF’s management company is based in Moscow. Currently, RDIF has experience of the successful joint implementation of more than 70 projects with foreign partners totaling more than RUB1.5tn and covering 95% of the regions of the Russian Federation. RDIF’s portfolio of companies employs more than 800,000 people and generates revenues which equate to over 6% of Russia’s GDP. RDIF has established joint strategic partnerships with leading international co-investors from more than 15 countries that total more than $40bn. Further information can be found at www.rdif.ru

Fortum Corporation is a leading clean-energy company that provides its customers with electricity, heating and cooling as well as smart solutions to improve resource efficiency. Company wants to engage its customers and society to join the change for a cleaner world. Fortum employs some 8,000 professionals in the Nordic and Baltic countries, Russia, Poland and India. In 2018, sales were €5.2 bn and 57% of our electricity generation was CO2 free. Fortum's share is listed on Nasdaq Helsinki. Further information can be found at www.fortum.com.

For additional information contact:
Arseniy Palagin
Russian Direct Investment Fund
Press Secretary
Tel: +7 495 644 34 14, ext. 2395
Mobile: +7 916 110 31 41
E-mail: arseniy.palagin@rdif.ru

Andrew Leach / Maria Shiryaevskaya
Hudson Sandler
Tel: +44 (0) 20 7796 4133