Finnish clean energy major Fortum has won the right to build a solar project with a total capacity of 200MW in the Indian State of Gujarat. Fortum won the project from Gujarat Urja Vikas Nigam Limited (GUVNL) through competitive tariff-based bidding for the total tendered capacity of 500MW.
The solar project shall benefit from a 25-year power purchase agreement (PPA) with GUVNL at a fixed tariff of INR 2.29/kWh (US$0.030/kWh). The project is expected to be commissioned by 2024.
“For the development of solar-based power generation, Fortum utilizes partnerships and other forms of co-operation to maintain an asset-light structure. The solar power project in Gujarat, India, is planned to be developed together with a partner,” Fortum announced.
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