The Wind Energy Development Fund is a joint investment fund created…
The Wind Energy Development Fund is a joint investment fund created by the RosNano group and the Finnish state corporation Fortum in 2017 to finance and build wind farms in Russia.
Consensus
- President Vladimir Putin authorized transactions involving stakes in multiple wind energy companies.
- The authorization was issued due to the termination of the investment partnership between 'Rosnanо' and Fortum.
- The investment partnership was formalized through the 'Fund for the Development of Wind Energy,' established in 2017.
- The Fund's operations ceased, leading to the need for legal clarity on asset transfers.
- The companies involved are all wind park entities under the Fund, including 'Vetroparki FRV' and several numbered parks (6th to 16th).
- All companies are managed through the 'Wind Energy' Management Company (UK 'Vetroenergetika').
Points of divergence
- The current owners of almost all listed companies are hidden (except 'Vetroparki FRV' and 'Ninth Vetropark FRV'), which are registered as established by the investment partnership agreement in the EGRUL. — interfax
- The Fund's initial portfolio in renewable energy amounted to 1,823 MW at the time of foundation. — interfax
- In 2021, the parties announced the termination of the joint venture, with Fortum creating a new joint venture with Gazprombank for nearly 1.3 GW of projects, while Rosnanо continued cooperation on 1.4 GW of projects. — interfax
- Fortum fully wrote off its Russian assets and deconsolidated them in its financial reporting in 2023. — interfax
- As of April 2023, Fortum's Russian assets were transferred under temporary management by Rosimushchestvo. — interfax
- The company 'Forward Energy' (formerly Fortum) remains active in Russia's renewable energy market and won a 150 MW wind project tender in Amur Oblast in August 2025. — interfax
- In April 2023, all Russian assets of Fortum were transferred under temporary management by Rosimushchestво. — kommersant
- The board of directors of PJSC Fortum replaced the CEO and renamed the company to PJSC Forward Energy. — kommersant
Coverage (2 sources)
- Putin allowed deals with a number of renewable energy structures in connection with the termination of the contract between Fortum and "Rosnano" — Интерфакс
- Putin allowed deals with structures of the wind energy fund "Rosnano" and Fortum — Коммерсантъ
Key entities
- Rosnano
- Fortum
- Vladimir Putin
- Wind Energy Development Fund
- INTERFAX.RU
- Russia
- Wind Farms of the Far East Federal District
- VIE-structures
- 8th Wind Farm of the Federal Reserve of Vietnam