Industry

Fortum plans to set 300 MW solar power units in India per year

Fortum aims to take its total installed capacity to over 2,100 MW.   | Photo Credit: Kommuri Srinivas

Fortum India, a unit of the €5-billion Finland-based Fortum Oyj, plans to set up 300 MW of solar power capacity each year in India for the next five years, taking its total installed capacity to over 2,100 MW.

The investment will be about ₹1,300 crore per year, totalling investments of ₹6,500 crore in the next five years.

Sanjay Aggarwal, MD, Fortum India Pvt. Ltd. said, “We are planning to add 300 MW of solar capacity in India every year. India is the hub for Fortum’s solar expansion. We have an installed capacity of around 700 MW in solar.”

The company has its parent’s approval for investments of up to €400 million in India.

India’s solar capacity had reached 30,000 MW by July 2019 and the government has a target to reach 1 lakh MW capacity of solar power by 2022 with potential investments of $100 billion.

When asked if the target of 1 lakh MW by 2022 was achievable, Mr. Aggarwal said, “We have leapfrogged from 400 MW of solar capacity in 2012-13 to over 30,000 MW now. Last year alone, we added over 8,000 MW. I think we can can do around 10,000 MW each year in the coming years.”

Fortum has entered into a 50:50 joint venture with Numaligarh Refinery Limited to set up a bio-ethanol plant in north east with a project cost of ₹1,500 crore. The company will use bamboo as raw material for its bio-ethanol plant.

“The construction of the plant has started and the project is likely to be completed by 2021. We will be selling the ethanol to Numaligarh Refinery,” said Mr. Aggarwal.

Fortum is also planning to set up electric vehicle charging stations across India.

“We have around 50 EV charging stations and by next 6 months we will have over 100 EV charging stations in Hyderabad, New Delhi, Bangalore and Mumbai,” Mr. Aggarwal said.

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Printable version | Mar 1, 2021 7:22:41 PM | https://www.thehindu.com/business/Industry/fortum-plans-to-set-300-mw-solar-power-units-in-india-per-year/article29511952.ece

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