14 Sep 2017 09:25

Rosatom registers NovaWind to consolidate wind power assets

MOSCOW. Sept 14 (Interfax) - Rosatom has registered the company JSC NovaWind to consolidate the Russian state nuclear corporation's wind power assets.

The current head of Rosatom's United Thermal Power Company (OTEK), Alexander Korchagin has been appointed CEO of NovaWind, Rosatom wind power subsidiary VetroSGC said in a statement.

VetroSGC, which is carrying out projects to build 970 MW of wind farms, will become part of NovaWind. OTEK will cede its rights under a license agreement with Lagerwey to NovaWind. The new management company will subsequently become a shareholder of a joint venture with the Dutch company.

"The thermal power business of OTEK, of which I am also the director, will become a separate business unit. OTEK's management team has managed to solve the problems that the state corporation set before us. We successfully implemented a new, efficient model for managing the business: the profitability of the state corporation's non-nuclear energy division doubled in three years. Now we need to completely focus on projects in new energy," Korchagin was quoted as saying.

It was reported earlier that the board of directors of Atomenergoprom, which consolidates the civilian assets of the nuclear sector, approved participation in NovaWind on September 5. NovaWind's charter capital will be split into 1.101 billion shares with par value of 1 ruble each. Following state registration of the company, Atomenergoprom will acquire all shares in it for 1.101 billion rubles.