Solar power in India
Over the years, Fortum has participated in tariff based solar auctions and developed various solar parks - a total power generation capacity of 680 GW - at different locations in India.
In June 2018 Fortum signed an agreement to sell a 54% share of its solar power company operating four solar power plants in India to UK Climate Investments (40%) and Elite Alfred Berg (14%). Elite Alfred Berg has the option to buy up to an additional 16% from Fortum. The total capacity of this portfolio is 185 MW.
Amrit is Fortum's first power plant in India. It was acquired in 2013. With a nominal peak capacity of 5 megawatt (MWac) and annual production at the level of approx. 9 gigawatt-hours, this plant was constructed as part of the Jawaharlal Nehru National Solar Mission.
Kapeli is one of Fortum's first greenfield solar projects, done in 2014-2015. It has an annual yield of 20 GWh/a. The 10 MW solar plant offsets more than 18,000 tonnes of CO2 emissions annually.
Bhadla solar power plant was commissioned in 2017. Its capacity is 70 MWac and annual yield 158 GHh/a.
Pavagada is a 100 MW Solar park in Tumkur District in Karnataka, India. It was connected to grid in December 2017. This solar plant is Fortum's fourth, and so far biggest solar energy project built.
In this partnership, Fortum will retain a significant minority ownership in the solar power company and continue to provide operation and maintenance services based on a long-term agreement.
In June 2018, Fortum won the right to build a 250-MW solar power plant in the Pavagada solar park in Karnataka, India. The capital expenditure was approximately EUR 160 million. The plant was fully commissioned by 5 August 2019.
Sale of Pavagada and Rajashtan solar parks
In June 2021, Fortum has signed an agreement to divest the 250-MW Pavagada II and the 250-MW Rajasthan solar power plants in India to Actis, a global infrastructure investment firm.
Investor news 22.6.2021: Fortum to divest 500 MW of solar power plants in India – agreement with Actis for solar investments