Fortum has won bid in the reverse auction process conducted by NTPC on 12 April 2016 for selecting of 500 MW grid connected solar PV projects under Batch II Tranche I of JNNSM phase II.
Fortum secured 100 MW in this bid. The solar power plant will be built in Pavagada Solar Park in Tumkur District Karnataka in India with a fixed tariff of 4.79 INR/kWh for 25 years.
“India provides a good platform for Fortum to further develop its business in solar also elsewhere. Fortum seeks to allocate of its planned growth capital in the range of EUR 200 – 400 million in solar projects in India,” said Sanjay Aggarwal, managing director at Fortum India .
Fortum, a solar technology company in Finland, currently has 15 megawatts of solar capacity in India. In January 2016, Fortum won a reverse auction for a 70 MW project with a fixed tariff for 25 years.