Fortum wins 100 MW project in Pavagada solar park

Finnish utility firm Fortum today said it has secured a 100 MW solar power project from NTPC under an auction for 500 MW grid, which will connect solar Photovoltaic (PV) projects in district Tumkur of Karnataka.

Fortum has won a bid in reverse auction process conducted by NTPC on April 12, 2016, for the selection of 500 MW grid connected solar PV projects under Batch II Tranche I of JNNSM (Jawaharlal Nehru National Solar Mission) Phase II, the company said in a press release.

According to the statement, Fortum secured 100 MW in this bid. The solar power plant will be built in Pavagada Solar Park in Tumkur District Karnataka with a fixed tariff of Rs 4.79 per unit for 25 years.

"We are excited to become a successful bidder in reverse auction process. The country 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 Fortum India Managing Director Sanjay Aggarwal.

The company has 15 megawatts of solar capacity in India.

"Fortum's vision is to be the forerunner in clean energy.

We provide our customers with electricity, heat and cooling as well as other energy solutions that improve present and future life. Already 64 per cent of our electricity generation is CO2 free. Our main markets are the Nordic and the Baltic countries, Russia, Poland and India," it said.

It employs around 8,000 energy sector professionals and the sales were 3.5 billion euros.