Vestas and RUSNANO to Explore Further Opportunities to Increase Footprint in Russia and Re-enforce Leading Market Position

Vestas and RUSNANO today signed a Memorandum of Understanding (MoU) regarding localisation of equipment for the Russian sustainable energy market, including supply chain optimisation, local manufacturing of wind turbine components and Vestas considering the possibility of using technology developed by RUSNANO portfolio companies. The MoU was signed in relation to St. Petersburg International Economic Forum and seeks to strengthen Vestas and Rusnano’s position in the growing Russian sustainable energy market.

Signing the MoU, Anders Runevad, Vestas President and CEO, said: “We continue to strengthen our leading position in Russia together with RUSNANO and today’s Memorandum of Understanding underlines our long-term commitment to leading the sustainable energy expansion in Russia. The memorandum furthermore exemplifies how Vestas works with partners such as RUSNANO to develop solutions that benefits local communities through investments and jobs, while also driving the green energy transition”.

Today’s MoU follows Vestas’ role as technology partner in the Wind Energy Development Fund, which is the joint investment fund established by RUSNANO and Fortum, a leading Finnish clean energy company. The fund is already committed to installing wind projects in Russia with a total capacity of almost 2 GW until 2023 and continues searching for projects that can promote localisation of the supply chain and manufacturing. In 2018, Vestas and RUSNANO partnered on the localisation of the supply chain, including local manufacturing of key wind turbine components.