Joint venture between RDIF and Fortum invests in wind power plants in Kalmykia with a capacity of 200 MW

Press release, 30.06.2021

Moscow, June 30, 2021 – The Russian Direct Investment Fund (RDIF, Russia’s sovereign wealth fund) and Fortum, a leading Nordic energy company and the leading renewable energy company in Russia, announce the investments in acquisition of Salynskaya and Tselinskaya wind power plants (WPP) with a total capacity of 200 MW in the Republic of Kalmykia by the joint venture between RDIF and Fortum. The investments further expand the portfolio of the JV.

The wind power plants in the Republic of Kalmykia were built by the Wind Energy Development Fund in full compliance with localization requirements and began supplying electricity to the wholesale electricity and capacity market (WECM) on December 1 2020. The power plants' revenues are guaranteed under long-term capacity supply agreements (CSA), which ensure the returns for investors.

Thanks to investments in WPP’s in Kalmykia, the total capacity of the projects of the RDIF and Fortum joint venture has exceeded 600 MW. In December 2020, wind power plants in the Ulyanovsk and Rostov regions with a capacity of 350 MW were added to the joint venture portfolio. In March 2021 the partners announced the construction of the largest solar power plant (SPP) in Russia with a capacity of 116 MW in Kalmykia.

Kirill Dmitriev, CEO of the Russian Direct Investment Fund (RDIF), said: 

“Green energy in Russia has significant development potential and is one of the most attractive sectors for investment. The investment by the joint venture of RDIF and Fortum is aimed at further increasing the capacity of the portfolio, expanding the share of clean energy in total generation and consumption, as well as creating one of the leaders in renewable energy in Russia 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 80 projects with foreign partners totaling RUB 2.1 tn and covering 95% of the regions of the Russian Federation. RDIF portfolio companies employ more than 800,000 people and generate revenues which equate to more than 6% of Russia’s GDP. RDIF has established joint strategic partnerships with leading international co-investors from more than 18 countries that total more than $40 bn. Further information can be found at rdif.ru

Fortum is a European energy company providing customers with electricity, heating and cooling as well as smart solutions to improve resource efficiency in more than 40 countries. The Company strives to encourage its customers and society to play their role in making the world cleaner. Together with its subsidiary, Uniper, Fortum ranks third company in Europe in energy production with zero CO2 emission. With about 20,000 professionals and combined assets of 60 bn euros Fortum is well placed to play a leading role in European energy transition. Fortum’s shares are traded at Nasdaq Helsinki, Uniper is traded at the Frankfurt Stock Exchange. Further information can be found at www.fortum.com

For additional information contact:


Alexey Urazov                                        
Russian Direct Investment Fund               
Director for External Communications
Mobile: +7 915 312 76 65                    
E-mail: Alexey.Urazov@rdif.ru

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