Lukoil president Vagit Alekperov pointed to the "great wind power potential" of Russia, which currently only has 11MW of installed capacity. The country is aiming to build 5GW of wind capacity by 2020.
Erg Renew investor relations manager Emanuela Delucchi notes that the Russian government is studying an incentive scheme for wind. Should the market framework be established, the two partners plan to be ready to step in.
Other companies have also timidly begun looking at opportunities in Russia. Spanish wind giant Iberdrola Renovables says it is conducting wind measurements at some Russian sites.
Delucchi adds that Bulgaria and Serbia are also on the radar of the two partners. "The agreement is in a very preliminary stage," she said. "It’s not that we don’t want to disclose specific objectives but that we don’t have them yet."
Refining group Erg, the parent company of Erg Renew, and Lukoil are already partners, as they jointly manage the ISAB refinery in Priolo, Italy. Erg Renew currently has an installed wind capacity of 310MW in its core Italian and French markets.
Separately, Siemens has signed a partnership with two Russian companies to set up production facilities for wind turbine components for the Russian market.
A joint venture titled 'Wind Energy' will include Rostechnologii and RusHydro. Siemens will retain a majority share.