Fortum has won bid in the reverse auction process conducted by NTPC on 12th April 2016 for the selection of 500 megawatt (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.
“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 also elsewhere. Fortum seeks to allocate of its planned growth capital in the range of EUR 200 - 400 million in solar projects in India”, Sanjay Aggarwal, Managing Director, Fortum India said.
Fortum 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.