RDIF, Fortum set up JV for joint investments in Russia's renewables sector

AK&M 31 December 2020 21:50

The Russian Direct Investment Fund (RDIF) and Fortum have established a joint venture for investments in Russia's renewable energy sector, RDIF informed.

RDIF and Fortum will use the investment to acquire wind farms in the Ulyanovsk and Rostov regions with a total capacity of over 350 MW. The wind farms were constructed in full compliance with localization requirements.

Under the agreements reached, international co-investors of RDIF will join the deal soon.

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.

Fortum is a European energy company operating in more than 40 countries around the world. The company is headquartered in Espoo.