Fortum, a company that deals with solar power generation, has recently commissioned a solar power plant at the solar park of Bhadla in the state of Rajasthan. The capacity of this solar power project is about 70 Megawatts. The Bhadla solar power project is the third and the biggest project that has been commissioned by Fortum.
In the month of January in the year 2016, Fortum had won reverse auction for this Bhadla solar power plant project and a schedule was prepared and conducted for the construction and building of this solar plant. The solar power plant will be functioning and operating according to the terms based on the PPA (Power Purchase Agreement). According to this agreement, the tariff will remain fixed for a span of 25 years.
The largest solar utility, NTPC Limited has drafted and made this Power Purchase Agreement.
As of now, the solar company has a solar capacity generation of 85 Megawatts.
And it has set and successfully installed 3 power plants in the states of Madhya Pradesh as well as Rajasthan.
Amongst its most recent initiative is the setting up and building of a solar plant facility in the state of Karnataka. This solar power project has the generation capacity of 100 Megawatts and this project will also have the tariff pricing fixed for the next 25 years. The sources have revealed that the commissioning of this project will be taking place in the first 6 months of this year.
Seeing growth and profits in the sector of solar energy and reaping benefits from the various schemes initiated by the Government of India, Fortum has set higher goals and targets. It plans to build a strong portfolio by commissioning solar projects that scale in Gigawatts and also provide contributions to renewable energy generation from wind. The company thinks that these strategies will assist them to secure the competitiveness in the long term. It has been continually upgrading its equipment and enhancing their work methodologies and techniques in order to make the projects that they commission more efficient, affordable and efficient.
The officials of Fortum said that they seek to allocate and experience a growth capital, which is well planned and somewhere ranging between 200 and 400 million euros in the solar projects that are expected to come up in India on a very large scale.
A recent report revealed that if the solar power projects in India continue to expand at such rates and commissioning, then by the year 2020, the conventional source of energy (that is coal) may be completely ruled off as an energy source.