Fortum Buys India Solar Plant, Plans More Investment

Fortum Oyj (FUM1V), Finland’s largest power utility, has bought a 5-megawatt solar power plant in India, where it plans further investments.

The company acquired a photovoltaic plant that was completed in northwestern Rajasthan state in February last year, Matti Kaarnakari, managing director of Fortum’s India unit, said today by phone. He declined to give the deal’s value or name the previous owner, citing confidentiality agreements.

The plant, which was built using thin-film technology, has been performing well with a plant-load factor, or the capacity that’s utilized, averaging above 20 percent, he said.

Fortum plans to invest “tens of millions of euros” to build a solar portfolio in India, the Espoo, Finland-based company said in a statement today.

To contact the reporter on this story: Natalie Obiko Pearson in Mumbai at npearson7@bloomberg.net

To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net

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