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Fortum to invest Rs 16 billion in green energy in India

According to reports, after acquiring a five megawatt solar plant in Bhilwara, Finnish government-owned Fortum is looking to expand its operations in India both through investing in greenfield projects and acquisitions of existing facilities.

The Nasdaq-listed company with a focus on clean energy, including solar, has earmarked Rs 1,600 crore for investments in green power. “We are committed to invest in new plants in the country, and if we come across good existing assets, Fortum India is open for acquisitions,” said Matti Kaarnakari, managing director, Fortum India.

Currently, the company is evaluating a few assets for acquisitions but Kaarnakari declined to give details. “We have visited a lot of solar plants in India as we want to understand the market here before committing investments. The acquisition of Bhilwara plant is a part of that thinking,” said Kaarnakari.After opening its India office in 2012, the company bought the asset at Bhilwara in June 2013 and has bid for 40 MW in the National Solar Mission’s batch-II, phase-I offering. “Fortum India has bid for 40 MW in the latest offering of National Solar Mission. Even though we haven’t participated in the state programmes, we are open for opportunities there as well,” he said.

On the preference of locations in the country, Kaarnakari said that there are a few states which hold good potential for solar energy, but Rajasthan will be among the top markets.

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