Fortum has today announced the opening of its Indian office in New Delhi. In the near future, the main focus for Fortum in India will be to assess investment opportunities in the area of combined heat and power (CHP) in order to provide power and steam for industrial clusters. Fortum also announced that it is exploring the possibilities in the field of solar power production in India.
“Our aim is to look into investment opportunities contributing to the development of India’s energy infrastructure. Considering our long track record in sustainable power and heat production and our energy market competence, I believe that Fortum has a lot to offer to the rapidly developing Indian energy market", says Fortum's President and CEO Tapio Kuula.
"Along with population growth, the rising standard of living is increasing consumption and energy needs. At the same time, it is important to make the best use of natural resources and find ways to mitigate the increasing emissions from power generation. This means that energy has to be produced and used more efficiently and in a smarter way in the future. If and when we find opportunities that are in line with our financial and other targets, Fortum could initially be looking to invest up to EUR 200 – 250 million in industrial CHP in India", he continues.
Mr. Kuula also concludes on Fortum's aspiration regarding solar power production. ”In Fortum, we are generally assessing our future role in solar power production. India is one of the globally most interesting countries in this respect, both with regards to its natural location but also due to its ambitious plans for solar power. As we now have a base here in India, it is quite natural for us to explore possible growth in solar power as well.”
Fortum plans to bring its experience in resource efficiency and sustainable power generation to the Indian energy markets. Fortum's concept can bring several benefits for industrial customers, e.g. in terms of secure supply for steam and power. Fortum's CHP competence allows for very high primary fuel efficiency and also the use of a wide range of fuels. The level of efficiency reached in a CHP plant can be close to 90% while the efficiency with separate power and steam production is around 35% and 70% respectively.
Fortum has long experience in using multiple fuels in CHP production. The company's intention is to use local fuels, various types of biomass or waste, for instance, whenever possible. In India this could mean for example coconut shell, cashew shell, rice or coffee husk. Using local fuels is one important way to bring benefits locally.
Fortum's purpose is to create energy that improves life for present and future generations. We provide sustainable solutions that fulfil the needs for low emissions, resource efficiency and energy security, and deliver excellent value to our shareholders. Our activities cover the generation, distribution and sales of electricity and heat as well as related expert services.
Fortum's operations focus on the Nordic countries, Russia, Poland and the Baltics. In the future, the integrating European and fast-growing Asian energy markets provide additional growth opportunities. In 2011, Fortum’s sales totalled EUR 6.2 billion and comparable operating profit was EUR 1.8 billion. We employ approximately 10,800 people. Fortum’s shares are quoted on NASDAQ OMX
Further information: www.fortum.com