Fortum's Targets and Next Steps in Solar
India is the first country Fortum has decided to enter, as the country offers one of the best solar resources and a sound government support for the development of the solar sector. The country provides a good platform for Fortum to further develop its business in solar also elsewhere.
Fortum seeks to allocate of its planned growth capital in the range of EUR 200-400 million in solar projects in India.
Some large-scale greenfield development will be targeted to enable economies of scale. In addition, the company will consider seeking possible partnerships or other forms of cooperation, which would on long-term create a more asset-light structure. Projects in India are to be selected from various central, state and public sectors undertaking (PSU) schemes, which would guarantee a long-term power purchase agreement (PPA), taking into account Fortum's Group financial targets.
Fortum currently has 15 megawatts (MW) of solar capacity in India. In January 2016, Fortum won a reverse auction for a 70 MW project with a fixed tariff for 25 years. In addition, on 12 April 2016, Fortum decided to bid for an additional 100 MWs in India, with a fixed tariff for 25 years.
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