Fortum Secures Right to Build Solar Project in India worth 250 MW

Fortum has announced that it has won the right from Solar Energy Corporation of India (SECI) to build a 250 MW solar power plant in Rajasthan, India.

The project is estimated to be commissioned in the Q4 of 2020. The solar park will be eligible to a fixed tariff of Rs 2.48/kWh for 25 years.

Based on its policy, Fortum will endure to build on its long-standing proficiency to grow in CO2-free power generation. In solar and wind, the ambition is to surge the solar and wind portfolio to a multi-gigawatt scale. Fortum’s business model in renewables entails of development, construction, and asset management of solar and wind assets. Fortum employs partnerships and other forms of co-operation to sustain a more asset-light structure.

The company presently operates a solar capacity of 185 MW in India and 35 MW in Russia. In June 2018, Fortum won the right to build 250 MW of solar in India which presently is under construction and projected to be commissioned in 2019. In Russia, Fortum has 110 MW of solar capacity under development

Kari Kautinen, SVP, M&A and Solar & Wind Development at Fortum, at the time, believed, “Our ambition is to continue the partnership also for future solar power projects. The arrangement frees up capital for further investments and enables Fortum to continue to utilise its key competencies to develop, construct and operate solar power plants in India.”