Finland-based energy company Fortum on Tuesday said it has acquired a 5-MW photovoltaic solar power plant in Rajasthan.
The power plant’s nominal peak capacity is 5.4 megawatts and its annual production is nearly 9 gigawatt hours. The power plant was constructed as part of the Jawaharlal Nehru National Solar Mission.
Investment return
The plant will receive a higher, guaranteed electricity price for 25 years. The period and the prices for power generation under the Government's power purchase agreement (PPA) are defined to ensure a sufficient return on investment, the company said in a statement.
Tech development
“Solar power is a strong growth segment that will account for an increasing part of power generation in the future.
“Fast technological development is boosting competitiveness and on best markets, wholesale parity can be expected already within a few years’ time,” said Matti Kaarnakari, Managing Director, Fortum India Pvt Ltd.
Last year, Fortum’s sales were €6.2 billion and the comparable operating profit was €1.7 billion.