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

To contact the editor responsible for this story: Reed Landberg at

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.