Fortum won the right from Karnataka Renewable Energy Development Ltd. to build a 250MW solar power plant in Pavagada solar park in Tumkur district, Karnataka, India. Commissioning of the plant is expected in the third quarter of 2019. The capital expenditure is estimated to be approximately EUR 120 million and the solar park will be entitled to a fixed tariff of 2.85 INR/kWh for 25 years.
"We are pleased to launch a new solar development project in India. We have gained good experience in India where we have successfully developed solar power for several years. As continuation to the previous transaction in which we sold a stake in our existing plants in India and partnered up with UK Climate Investments and Elite Alfred Berg, Fortum now continues to grow its solar portfolio", says Kari Kautinen, SVP, Solar & Wind Development and M&A.