Otkritie Bank to Finance 3 Wind Energy Development Fund’s Wind Projects



Otkritie Bank and the project companies of the Wind Energy Development Fund signed loan agreements to finance projects to build wind parks with a total capacity of 445 MW in the Astrakhan and Volgograd Oblasts, according to the press service of PJSC Fortum, which has not disclosed the lines of credit amount.

The wind farms in the Astrakhan Oblast with a total capacity of 340 MW are expected to start supplying electricity and capacity to the wholesale market for electricity and power (WMEP) in the fourth quarter of 2021. In the Volgograd Oblast, the first stage of the 105 MW wind farm is scheduled to come online in the fourth quarter of 2021 with the second stage completed in the fourth quarter of 2022.

The provision of the credit funds was project-financing-based with maintenance and repayment of debt ensured by revenues under capacity supply agreements secured with the green generation facilities.

Mario Mazidowski, Vice-President for Finance at PJSC Fortum , Deputy General Director for Finance and Corporate Issues, Vetroenergetika Management Company (Wind Power Asset Management LLC), says, “Cooperation with the Otkritie Bank demonstrates that in Russia, investments in renewable energy projects are becoming an attractive financial instrument, which is protected by guaranteed returns. The bank has already become the largest financial partner of the Fund, and we look forward to expanding cooperation that will help us implement an ambitious renewables investment programme, providing for the commissioning of 1,823 MW by 2024.”

The Wind Energy Development Fund was established on a parity basis by Fortum PJSC and Rusnano Group to invest in the Russian wind power.