New Delhi : Finnish utility firm Fortum said it will invest 200-400 million euros (around Rs 1,500- 3,000 crore) in solar power projects India. India offers “one of the best solar resources and a sound government support for the development of solar sector.

The country provides a good platform for Fortum to further develop its business in solar also elsewhere,” the company said.

The government plans to jack up solar power generation capacity to 100 gigawatts by 2022, up from 5.25 gigawatts currently. India gets more than 300 days of sunshine a year across the seventh-largest land area in the world.    Fortum has 15 megawatts (MW) of solar capacity in India. In January this year, it won a reverse auction for a 70 MW project with a fixed tariff for 25 years.

In addition, Fortum “decided to bid for additional 100 MWs in India, with a  fixed tariff for 25 years,” the statement said. “Some large-scale greenfield development will be targeted to enable economies of scale.”

The last auction in January saw rates reach an historic low of Rs 4.34 per kilowatt-hour (or unit).

Besides Fortum, other foreign firms investing in solar power projects in India include SunEdison Inc of US, Canada’s SkyPower Ltd, Japan’s SoftBank Group Corp and a local unit of France’s Solairedirect SA.               -PTI

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