FORTUM CORPORATION PRESS RELEASE 14 December 2017
Fortum has now connected a 100-MW solar plant to grid at Pavagada solar park in the Tumkur District, Karnataka, India. This solar plant more than doubles Fortum’s solar production capacity in India from 85 to 185 MW, being Fortum's fourth, and so far biggest solar energy project built.
In April 2016, Fortum won a bid in a reverse auction for 100 MW of the total of 500 MW capacity auctioned. The bid included a fixed tariff of 4.79 INR/kWh for 25 years. Fortum’s 100 MW is the first part of the Pavagada solar park that has reached its full capacity and is connected to the grid.
“We are excited to be able to connect our fourth solar plant to grid. We look forward to continue to develop our business and look opportunities to leverage our knowledge and experience obtained in our projects”, says Kari Kautinen, SVP M&A and Solar and Wind development.
“I am especially proud that we once again completed our solar project on time and according to plan”, says Sanjay Aggarwal, Managing Director, Fortum India.
Fortum is targeting a gigawatt-scale solar and wind portfolio as part of securing its longer-term competitiveness. Based on its strategy, Fortum seeks to allocate its planned growth capital in the range of EUR 200–400 million in solar projects in India. In November, Fortum signed an agreement to acquire 35 MW of solar production in Russia.
Fortum Corporation
Group Communications
Further information:
Joonas Rauramo, VP, Solar & Wind Development, phone +358 40 354 3732
Fortum
Fortum is a leading clean-energy company that provides its customers with electricity, heating and cooling as well as smart solutions to improve resource efficiency. We want to engage our customers and society to join the change for a cleaner world. We employ some 9,000 professionals in the Nordic and Baltic countries, Russia, Poland and India, and 62% of our electricity generation is CO2 free. In 2016, our sales were EUR 3.6 billion. Fortum's share is listed on Nasdaq Helsinki. www.fortum.com