Solar power in India
Jointly owned solar power plants
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
Divestment of Pavagada II and Rajasthan solar power plants
In June 2021, Fortum 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. The divestment will be completed and the capital gain recorded in three tranches; during the second half of 2021 and the first half of 2022. The parties have also signed a comprehensive agreement targeting further investments in solar power plants in India.
Investor news 22 June 2021: Fortum to divest 500 MW of solar power plants in India – agreement with Actis for solar investments
Right to build 600 MW new solar capacity in India
In February 2022, Fortum won the right to build two solar power parks with a total capacity of 600 MW in Karnataka, India. The projects are expected to be commissioned by 2024. For the development of solar-based power generation, Fortum utilises partnerships and other forms of cooperation to maintain an asset-light structure. The solar power parks in Karnataka, India are planned to be developed together with a partner.
Online news 4 February 2022: Fortum has won the right to build 600 MW solar capacity in India
Charge & Drive in India
Fortum has also embarked upon a journey to transform mobility in India by providing Energy as a Service (EaaS) to electrical vehicles. Starting with a pilot of 4 charging points in October 2017, presently Fortum is operating 116 DC fast public charging points in 10 cities. While these DC charging points serve to 4-wheelers passenger cars, Fortum has also launched a pilot project of battery swapping for 3-wheelers.
