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Fortum wins rights to build 933 MW of renewable capacity in Russia

Finnish power company Fortum Oyj and its investment fund were awarded rights to build 110 MW of solar and 823 MW of wind capacity in a Russian Capacity Supply Agreement auction.

Fortum plans to build 110 MW of solar plants that are expected to be commissioned from 2021 to 2022. The facilities will receive a guaranteed power price corresponding to approximately 150/MWh for 15 years.

Fortum-Rusnano wind investment fund, which is 50% owned by Fortum, won the right to build 823 MW of wind parks expected to be commissioned from 2019 to 2023. The facilities will receive a guaranteed power price corresponding to approximately 60/MWh to 90/MWh for 15 years.

The auction ran from May 29 to June 9 and offered 150 MW of solar and 830 MW of wind capacity for 2019 to 2023. The bids totaled 554 MW for solar and 2,214 MW for wind, according to a June 13 news release.

Fortum Oyj and its subsidiaries, owned by the government of Finland, engage in generation and sale of electricity and heat, as well as the provision of energy-related expert services mainly in the Nordic countries, the Russian Federation, Poland and the Baltic Rim area, according to S&P Global Market Intelligence data.