Fortum has won the right from Solar Energy Corporation of India (SECI) to build two solar power parks with a total capacity of 600 MW in Karnataka, India. Fortum participated in two solar auctions held under SECI’s ISTS-X Scheme for the total tendered capacity of 1,200 MW. The two solar projects shall be entitled to fixed tariffs for 25 years under SECI’s PPAs (power purchase agreements) of 2.37 INR/kWh for 300 MW and 2.36 INR/kWh for 300 MW. The projects are expected to be commissioned by 2024.
For the development of solar-based power generation, Fortum utilises partnerships and other forms of co-operation to maintain an asset-light structure. The solar power parks in Karnataka, India are planned to be developed together with a partner.