Fortum has secured a deal to build a solar project under a 25-year power purchase agreement with Gujarat Urja Vikas Nigam, at a fixed tariff of INR 2.29 ($0.030)/kWh.

From pv magazine India

Finland’s Fortum has won the rights to build a 200MW solar project in the Indian state of Gujarat. It won the project from Gujarat Urja Vikas Nigam Ltd. (GUVNL) through competitive tariff-based bidding, for a total tendered capacity of 500MW. 

The solar project will benefit from a 25-year power purchase agreement (PPA) with GUVNL at a fixed tariff of INR 2.29 ($0.030)/kWh. The project will 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,” said the company. “The solar power project in Gujarat, India, is planned to be developed together with a partner.”