Finnish utility Fortum has commissioned a 100 MW PV plant to grid at Pavagada solar park in the Tumkur District, Karnataka, India. According to the company, this solar plant more than doubles Fortum’s solar production capacity in India from 85 to 185 MW, being Fortum's fourth, and so far biggest solar energy project built. In April 2016, Fortum won a bid in a reverse auction for 100 MW of the total of 500 MW capacity auctioned. The bid included a fixed tariff of 4.79 INR/kWh for 25 years.
Fortum is targeting a gigawatt-scale solar and wind portfolio as part of securing its longer-term competitiveness. The company seeks to allocate its planned growth capital in the range of €200 million to €400 million (up to $470 million) in solar projects in India.
In November, Fortum signed an agreement to acquire three solar power companies from Hevel Group, Russia. The Pleshanovskaya (10 MW) and Grachevskaya (10 MW) solar power plants are located in the Orenburg region and the Bugulchanskaya (15 MW) solar power plant in the Republic of Bashkortostan. The plants were commissioned in 2016 and 2017. Fortum's long-term ambition is to have approximately 500 MW of renewable capacity in Russia.
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