Fortum has won the right from Solar Energy Corporation of India to build a 250 MW solar power plant in Rajasthan, India. Commissioning of the plant is expected in the fourth quarter of 2020. The facility will be entitled to a fixed tariff of 2.48 INR/kWh for 25 years.
Fortum’s strategy is to continue to build on its long-standing experience to increase CO2-free power generation holdings. In solar and wind, the ambition is to increase the solar and wind portfolio to a multi-gigawatt scale. Fortum's business model in renewables consists of development, construction, and asset management of solar and wind assets.
The company currently operates solar capacity of 185 MW in India and 35 MW in Russia. In Russia, Fortum has 110 MW of solar capacity under development.