Fortum has received a letter of intent from National Thermal Power Corporation Limited (NTPC), India's largest power utility, confirming that NTPC plans to purchase solar power for 25 years for the 70 MW solar PV plant Fortum will build at Bhadla solar park in Rajasthan, India. Fortum expects to sign the Power Purchase Agreement with NTPC by the end of March, after which it can finalise the plans for the solar park.
In January, Fortum won a reverse auction for the 70 MW project with a fixed tariff of 4.34 INR/kWh (about 60 EUR/MWh) for 25 years. The e-bidding was organised by NTPC under Phase II Batch II Tranche I of Jawaharlal Nehru National Solar Mission (JNNSM).
Fortum has currently 15 MW solar capacity in India, with solar PV plants in the states of Rajasthan and Madhya Pradhesh.