Finnish energy giant Fortum Oyj, which took over a 5-MW solar power plant in Rajasthan last July, is planning to invest €200-250 million (₹1,700-2,100 crore) in India.
The funds will be used for more acquisitions as well as to set up new projects in the solar space.
The acquisition of the Rajasthan plant marked the company’s entry into India as well as the solar energy industry, said Maati Kaarnakari, Managing Director.
He was speaking at a function held here recently to introduce the plant to former Finnish President and clean energy champion Tarja Halonen.
The €6.2-billion Fortum, which has hydro and combined heat and power projects in Europe, has not revealed how much it paid to acquire the Rajasthan solar plant, set up by Kolkata-based Amrit Energy.
The project, implemented under Batch I of the Jawaharlal Nehru National Solar Mission Phase I, charges a tariff of ₹12.75 per kWhr.
Fortum wants “a few tens of MWs of solar power” in India. While nothing is on the anvil as yet, Fortum has visited several solar plants in the country, Kaarnakari said about the company’s acquisition plans.
Manoj Gupta, Vice-President-Solar, Fortum India, said the company is considering several acquisitions and new opportunities in Tamil Nadu. “You will soon see us in Tamil Nadu,” he said.
The company has submitted bids for ‘viability gap funding’ from the Government under Phase II of the Solar Mission, for two projects of 20 MW each.
The writer was in Gulabpura (Rajasthan), at the invitation of Fortum.