Finland-based energy firm Fortum has acquired 5.4MW solar power plant in the state of Rajasthan, India, a move that strengthens the company's aim to build a small photo-voltaic (PV) solar portfolio in the country.
This power plant was constructed as part of the Jawaharlal Nehru National Solar Mission, the Indian government’s initiative for 22GW of installed solar power generation capacity by year 2022.
According to the company, the solar facility, which has been fully operational for one year, generates around 9GWh of clean electricity annually.
Commenting on the transaction, Fortum India managing director Matti Kaarnakari said solar power has the potential to account for an increasing part of power generation over the next coming years.
"Fast technological development is boosting competitiveness and on best markets, wholesale parity can be expected already within a few years’ time," added Kaarnakari.
Meanwhile, Fortum is planning to invest in developing its PV solar operations across India.