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Fortum secures right to build 250-MW solar project in India

Finnish utility company Fortum Oyj secured from Gujarat Urja Vikas Nigam Ltd. the right to construct a 250-MW solar facility in the Raghanesda solar park in District Banaskhata, Gujarat, India, it said in a news release Dec. 21.

The project is expected to cost about €135 million and to be commissioned in the fourth quarter of 2020. It will be qualified to a fixed tariff of 2.89 Indian rupees/kWh for 25 years.

Fortum owns 85 MW of solar projects in India and 35 MW in Russia. In June, Fortum won the right to build 250 MW of solar in India, which is under construction and slated for commissioning in 2019. It also has 110 MW of solar capacity under development.

As of Dec. 20, US$1 was equivalent to 69.99 Indian rupees.