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Russia

Russia

Rosatom launches wind power subsidary

RUSSIA: State energy group Rosatom has created a subsidiary for its wind power strategy, separating the business from its thermal and nuclear power assets.

Russia held its first wind power auction, for more than 1.6GW of capacity, in June
Russia held its first wind power auction, for more than 1.6GW of capacity, in June

The newly-formed SC NovaWind will consolidate all the "wind energy assets of Rosatom", the company said.

It will start with capital backing of roughly RUB 1,101 billion (€15.98 billion), Rosatom confirmed.

Rosatom’s subsidiary Otek had signed a technology licensing agreement with Dutch developer Lagerwey in June. Otek will assign NovaWind its rights for this agreement.

The new subsidiary will later launch a joint venture with Lagerwey, Rosatom said.

Otek also owns developer VetroSGC, which was awarded 360MW of capacity in the first Russian auction in June.

Concentrating "all our effort on new energy projects" by setting up a new subsidiary devoted to wind power was the best way to successfully manage the total 970MW capacity being developed by VetroSGC, NovaWind’s director general Alexandre Korchagin said.

The subsidiary’s launch comes four days after Rosatom deputy director general Kirill Komarov insisted nuclear was still cheaper than renewables.

"If you combine all elements, which you need to establish connection with the grid, of renewables, you need to pay additional for some back-up facilities… you will see that nuclear is still minimum — twice cheaper than wind and a minimum of three times cheaper than solar", he told the UK’s Sky News.

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