The new company has been established with a capital of 11.01bn roubles ($19.1m). The new company’s goal is to integrate all of Rosatom’s programs in innovative technological platforms for the new energy segment.

Initially, it will integrate all the wind energy assets of Rosatom. The move will see VetroSGC becoming part of the new company.

Since 2016, VetroSGC has been responsible for 970MW wind farm construction and has now launched wind turbine localisation programme in Russia.

NovaWind director general Alexandre Korchagin said: “The successful entry into domestic and international wind energy markets as well as the development of new products largely depend on full concentration of the managerial effort on the success of the currently implemented new energy programs.

"To meet these challenging goals we have to obtain and develop a number of core competences, which are absolutely new to Russia. Among them there are wind farms’ construction and operational management, organisation of the wind turbines’ ramp-up production, maintenance and after-sales support, marketing and sales.

“Considering the international cooperation with Lagerwey, we have to separate our wind energy program into a new energy dedicated business.”

After receiving rights on the license agreement with Lagerwey from OTEK, NovaWind will partner Lagerwey in a joint venture.

Alexandre Korchagin said: "The thermal power business, which I lead today, will become a separate business unit. The OTEK’s management team has fulfilled the goals set to us by ROSATOM.

"We’ve successfully implemented an effective business management model: it took us three years to double the profitability of the ROSATOM’s thermal power assets. Now we have to concentrate all our effort on new energy projects."