The State Atomic Energy Corporation ROSATOM registers NovaWind JSC – a new management company to implement its wind power strategy with a charter capital of RUB 1.101 billion.

Alexander Korchagin was appointed Director General of the new management company.

The mission of JSC NovaWind is to consolidate the State Corporation's efforts in advanced segments and technological platforms of the power industry. In the initial stage, JSC NovaWind will consolidate all Rosatom's wind energy assets.

“Successful entry into both the domestic and international wind energy markets and the development of new energy products require maximum management concentration for successful implementation of these programs by the Rosatom State Corporation. Achievement of this ambitious task requires the formation of absolutely new competencies in the establishment and management of wind farms in Russia, organization of serial production of wind turbines, organization of after-sales services, competencies in marketing, development and sales of new products. Given that we are implementing the wind energy project in international cooperation with Dutch Lagerwey, the wind power industry should be put into a separate business unit,” said Aleksandr Korchagin, Director General of JSC NovaWind, commenting on the establishment of the new company.

JSC VetroSGC, which has been constructing wind farms with a total capacity of 970 MW since 2016 and is currently embarking on the largest wind power production localization program in Russia, will become part of JSC NovaWind. JSC OTEK will assign JSC NovaWind its rights under the licensing agreement with Dutch Lagerwey. Subsequently, the management company created will become a shareholder in a joint venture with the Dutch partner.

“The thermal power business of JSC OTEK of which I am the director, will become a separate business unit. The OTEK management team has achieved the tasks set out by the State Corporation. We have successfully implemented a new and effective business management model: over three years, the profitability of the State Corporation's non-nuclear energy business has doubled. Now we need to focus entirely on projects in the new energy sector,” said Aleksandr Korchagin.