Finnish Fortum wins bid for 100 MW solar park in India

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Finnish Fortum won the bid for 100 megawatt (MW) solar power park in a reverse auction in Karnataka, India, with a fixed tariff for 25 years, the company announced late Wednesday. Fortum said the solar power plant will be built in the Pavagada Solar Park in the Tumkur District of Karnataka in Southern India. “We are excited to become a successful bidder in the reverse auction process. Solar has always been a focus area for Fortum in India. The country provides a good platform for Fortum to further develop its business in solar elsewhere,” said Sanjay Aggarwal, managing director of Fortum India.

Fortum currently has 15 MW of solar capacity in India. Tuesday’s bid is Fortum’s second reverse auction success in 2016 having already won the bid for a 70 MW project with a fixed tariff for 25 years in January 2016. As part of Fortum’s vision to become a forerunner in clean energy, the company has targeted India as it offers one of the best solar resources and has sound government support for the development of the sector. The company said it seeks to allocate planned growth capital in the range of €200 to €400 million for solar projects in India.