Solar power 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 megawatts (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 its annual yield is 158 GWh/a.
Pavagada 1 is Fortum’s fourth solar plant with a capacity of 100 MW. It is located in Tumkur district in Karnataka, India and was connected to the grid in December 2017.
In this partnership, Fortum will retain significant minority ownership in the solar power company and continue to provide operation and maintenance services based on a long-term agreement.
Investor news 8 June 2018: Fortum to sell share of 185 MW Indian solar portfolio - aiming at further solar investments
Pavagada 2 is Fortum’s fifth, and so far, biggest solar energy project built in the same solar park as Pavagada 1. The solar power plant has a capacity of 250 MW and was fully commissioned by 5 August 2019. The capital expenditure was approximately EUR 160 million.
In March 2019, Fortum won the right to build another 250 MW solar power plant in Rajasthan, India. Commissioning of the plant is expected in the fourth quarter of 2020. The solar park will be entitled to a fixed tariff of 2.48 INR/kWh for 25 years.
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 June 2021:
Fortum to divest 500 MW of solar power plants in India – agreement with Actis for solar investments
Charge & Drive in India
In Delhi, Fortum Charge & Drive has currently two electric vehicle chargers in pilot use. By the end of 2018, the target is to have over a hundred chargers in India.