Russia’s RDIF, Finland’s Fortum invest in building Russia’s largest solar power plant

Moscow, Mar 1 (FN Agency) The Russian Direct Investment Fund (RDIF) announced on Monday it would invest, jointly with Finnish state-owned energy company Fortum, in building Russia’s largest solar power plant with a capacity of 166 MW. “RDIF and Fortum, a leading Nordic energy company and a pioneer in solar and wind power generation, are investing in a project to build a solar power plant, with a capacity of 116 MW, in the Republic of Kalmykia. The station will become the largest solar energy facility in Russia. The project will be implemented through a joint venture established by RDIF and Fortum, whose portfolio at the end of 2020 included wind power plants in the Ulyanovsk and Rostov regions with a total capacity of 350 MW,” the fund said in a press release.

According to RDIF, the first stage of the solar power plant, with a capacity of 78 MW, will begin supplying electricity to the wholesale electricity and capacity market in the fourth quarter of the year, with full-scale operations expected to start in the second half of 2022. “The investment in the construction of a solar power plant in Kalmykia is aimed at developing a joint platform with Fortum and creating one of the largest renewable energy players in the Russian Federation. An important part of the project is the use of Russian made equipment. RDIF expects significant growth in the renewable energy segment in Russia in the coming years and intends to make a significant contribution jointly with partners to the creation of new eco-friendly energy capacity,” RDIF CEO Kirill Dmitriev said.

Alexander Chuvayev, the head of Fortum’s Russia Division, expressed the belief that the “ambitious joint project” would contribute to “the development of an innovative industry in Russia and the establishment of Kalmykia as one of the leaders in the use of clean, renewable energy.” “Fortum is a consistent supporter of active actions on the climate agenda and is committed to the goals of sustainable development and the principles of responsible investment,” Chuvayev continued.