Sun shines on Fortum in India
Finnish energy company Fortum is gathering steam on its quest to invest up to 400 million euros in solar projects in India, after winning a bid for a solar power park in Karnataka.
The 100-megawatt (MW) contract was won in a reverse auction conducted by NTPC for the selection of 500 MW grid connected solar PV projects under Batch II Tranche I of JNNSM phase II.
Fortum’s contract has a fixed tariff of 4.79 Indian rupees/kWh for 25 years. This latest deal reflects the importance of solar for Fortum in India.
“Fortum seeks to allocate of its planned growth capital in the range of 200–400 million euros in solar projects in India,” says Sanjay Aggarwal, managing director, Fortum India. “The country provides a good platform for Fortum to further develop its business in solar also elsewhere.”
The company currently has 15 megawatts of solar capacity in the sub-continent. It also recently won a contract in Karnataka back in January in a reverse auction for a 70 MW project, similarly with a fixed tariff of a quarter century.
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