Leading wind turbine manufacturer Vestas said it has signed a deal with Fortum to develop 1 GW of wind power project in Russia.
Following the agreement, Vesta is planning to set up a manufacturing facility in Russia, to comply with that country’s local content laws.
Fortum was the biggest winner of the deal. The company’s joint venture with local energy group Rusnano participated in the auction. The JV plans to deliver 26 projects between 2018 and 2022, securing €115-€135/MWh in capacity payments, the company said.