Russia

Russia

Fund to support Russian localisation to be set up

Investment group Rusnano and billionaire Alexey Mordashov have announced plans to set up an investment fund for the localisation of electrical wind turbine equipment in Russia, according to local media reports.

With Russia's 65% local content requirement, Rusnano is looking to increase the country's manufacturing base for wind turbines
With Russia's 65% local content requirement, Rusnano is looking to increase the country's manufacturing base for wind turbines

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Rusnano is now looking for a foreign technology partners to support the increase in localised wind turbine production, according to its managing director of investments, Mahmud Burikhanov in an interview with the Kommersant business newspaper.

Under the terms of the agreement, the partners plan to produce generators, frequency converters, and transformers for wind farms at factories owned by Mordashov's power engineering firm NordEnergoGroup. Exact financial details of the project are undisclosed.

Rusnano is currently partnering with Danish OEM Vestas to produce blades and towers for wind projects in Russia.

Mordashov also owns Severstal, a Russian steel producer, which created a joint venture with Rusnano and Spanish Windar Renovables for the production of towers.

"The creation of a fund is a positive message for both the domestic and foreign market," Igor Bryzgunov, chairman of the Russian Association of the Wind Industry (RAWI), told Windpower Monthly.

"It is a positive message for companies and vendors that are present on the market, as well as for new market players who are likely to be shown a guaranteed localisation of complex key components."

Russia has a local content requirement of around 65% for wind projects.

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