Fortum, the state-run Finnish energy group, has become the latest global player to target India’s burgeoning PV sector.
It has declared international expansion plans to build a “gigawatt-scale wind and solar portfolio”.
Forum said in a statement: “Overall, Fortum is targeting a gigawatt-scale wind and solar portfolio. India is the first country Fortum has decided to enter, as the country offers one of the best solar resources and a sound government support for the development of the solar sector.
“Fortum seeks to allocate its planned growth capital in the range of 200-400 million euros in solar projects in India.”
The company’s plans for India include setting up some large-scale Greenfield projects in India to enable economies of scale. It has plans to enter into partnerships, or other forms of cooperation, which would in the long term create a more asset-light structure, the company said.
Besides Fortum, some of the 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.