Fortum eyes Indian solar acquisitions

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solar 5Monday, February 17, 2014: The Finnish energy giant, Fortum Oyj has declared a massive interest in India’s solar initiative. The company will be investing around €200-250 million, that is, Rs 170-210 billion in India. These funds will be used for more acquisitions, including setting up of new power projects in the country’s solar space.

Fortum acquired the Rajasthan plant in July, last year, which was the first investment that the company made in India and also in the solar energy sector. The Finnish company has not revealed the cost it paid to acquire the Rajasthan plant, which was set up by the Kolkata-based company, Amrit Energy.

The €6.2-billion Fortum runs hydro and combined heat, and power projects in Europe. This investment project is implemented under Batch I of the Jawaharlal Nehru National Solar Mission Phase I. It will charge a tariff of Rs12.75 per kW-hr for the energy that will be produced.

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Fortum intends to produce solar energy in large amounts in India, but the exact target figures are not revealed. It is reported that the company has visited several solar plants in the country with acquisition plans. In a Hindu Business Line report, Manoj Gupta, vice President solar, Fortum India, said that the company is considering several acquisitions and new opportunities in Tamil Nadu.

The Finnish company has submitted bids for ‘viability gap funding’ from the Government under Phase II of the JNNSM, for two 20 MW solar power projects.

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