Originally published on CleanTechies.
Finland-based Fortum Corporation recently announced that it commissioned its largest solar power project. The project, located in the Indian state of Rajasthan, is also among the cheapest solar power projects in the country.
In a recently issued press release, Fortum declared that it commissioned a 70-megawatt solar PV project under India’s National Solar Mission. The project is located in the western state of Rajasthan — one of the leaders in solar power development in the country. The project is part of the Badhla solar power park owned by NTPC Limited, the largest power generation company in India.
Fortum secured this project through a competitive auction held in January 2016. The tariff of Rs 4.34/kWh (6.7¢/kWh) quoted by the company was the lowest in India at the that time and only 8% higher than the global record low bid at that time.
With the operationalization of this project, Fortum now owns 85 megawatts of solar power capacity in India. The company is also working on a 100-megawatt project in the southern state of Karnataka which is expected to be commissioned in the first half of this year. Power generated from this project will be sold at Rs 4.79/kWh (7.4¢/kWh) for a period of 25 years.
Last year, the company also announced plans to invest €400 million in India’s solar power market to develop more projects.
Reprinted with permission.