Finnish co Fortum to explore solar opportunities in India

Sep 20, 2012 - Finnish energy company Fortum Oyj (HEL:FUM1V) intends to explore growth opportunities on the Indian solar power market, its CEO Tapio Kuula said yesterday when announcing the opening of the firm’s office in New Delhi.

The company will mainly focus on combined heat and power (CHP) projects in the Asian country. The plan is to use local fuels, waste and biomass sources such as coconut shell, cashew shell, rice or coffee husk to produce electricity and steam for industrial clusters. "If and when we find opportunities that are in line with our financial and other targets, Fortum could initially be looking to invest up to EUR 200 – 250 million [USD 259-323.5m] in industrial CHP in India," Kuula said.

Yet, Fortum has also been attracted by India’s ample solar resource and opportunities within the sector. Kuula said that now that the company had a base in the country it would examine the solar market as well.

At present Fortum’s business is focused on the Nordic region, Russia, Poland and the Baltics, while Europe and Asia are seen as additional growth areas for the future.

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