Finnish electric utility Fortum has announced the completion of a 70 MW solar park in India. The project, located at the Bhadla solar park in Rajasthan, northwestern India, will sell power to local utility National Thermal Power Corporation Limited (NTPC) under a 25-year PPA.
The company won a reverse auction for the project in January 2016. The power plant is Fortum’s third large-scale PV installation in India. The company also owns and operates a 10 MW solar plant in Kapeli, in the state of Madhya Pradesh, and another 5.4 MW solar facility in Rajasthan. Both plants were built under Jawaharlal Nehru National Solar Mission (JNNSM) Phase II.
Furthermore, Fortum has revealed that another 100 MW PV project is currently under development in the state of Karnataka. The plant is also expected to sell power to the local grid under a 25-year PPA, and to be finalized in the second half of 2017.
Overall, the company is planning to invest between €200 million ($213.4 million) and €400 million ($426.9 million) in the development of large-scale solar projects in India. Furthermore, Fortum is targeting a GW-scale wind and solar portfolio.
As for its investments in solar in India, the company said in December that it is considering seeking “partnerships or other forms of cooperation, which would in the long-term create a more asset-light structure.”
In December, Fortum also acquired a 5% stake in Swedish solar technology company Exeger Sweden AB (Publ) for €5.2 million ($5.5 million). The company manufactures novel printable solar cells for use in consumer electronics, on buildings and in other applications.
“In the coming years, we will invest €100–200 million in the most promising startups and funds. This investment implements Fortum’s strategy to be at the forefront of energy technology and application development. Exeger’s light-harvesting technology in consumer electronics is the most advanced on the market and can be applied in several fields of global interest,” said Anne Jalkala from the Fortum’s Technology and New Ventures unit.