The planned JV will up production facilities for wind turbine components for the Russian market and will also be responsible for sales and service of Siemens wind turbines in Russia and other countries.
"This strategic partnership will put us out front on the highly-promising market for renewable energy in Russia", says René Umlauft, CEO of the Renewable Energy Division of Siemens.
"In the coming five years we intend to install wind turbines with a total capacity of 250 to 500 MW per year."
Russia is planning to have a wind power capacity of approximately 5 GW installed by 2020.
Siemens says the JV is part of its push to regionalise the manufacturing network in important markets.
Siemens will also set up three further factories for production of wind turbine components in the USA and China this year, and there are plans for facilities in India and Great Britain.