Indian utility Fortum wants to develop a GW-scale solar and wind portfolio. In Russia alone, the target is to achieve 500 MW of this capacity. Another major market for the Finnish company is India where it has an operational PV capacity of 85 MW. Pictured is one of Fortum’s Indian PV plants (Photo Credit: Fortum Corporation)
- Fortum agreed to buy three solar PV projects in Russia from Hevel Group
- The three projects are: Pleshanovskaya and Grachevskaya plants each with 10 MW capacity and 15 MW Bugulchanskaya project
- Financial terms of the transaction were not disclosed
- Hevel will continue to provide operations and maintenance of the plants
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Finland based clean energy company Fortum Corporation is set to acquire 35 MW PV capacity from Russia’s Hevel Group. The two parties signed a sales agreement, but haven’t disclosed the purchase price of the deal.
Hevel will be selling three operational solar power plants in Russia – the Pleshanovskaya and Grachevskaya plants, each with 10 MW capacity, and Bugulchanskaya of 15 MW capacity. The first two plants were commissioned in February 2017.
All three plants will receive capacity supply agreement (CSA) payments for around 15 years after commissioning at an average CSA price corresponding to approximately €430 ($512.61) per MWh.
Hevel will continue to provide operation and maintenance services for all the plants. “The Hevel Group of Companies has built 164 MW of solar power plants on the territory of Russia and plans to commission about 1 GW of solar generation until 2024,” said Igor Shahrai, CEO of the Hevel Group of Companies. “This deal is for us a logical step in the implementation of our long-term strategy. In addition, today we are the only company in Russia that has a significant experience in operating stations in a variety of climatic conditions, and here we see another direction for development.”
The acquisition follows Fortum’s target to create a GW-scale solar and wind portfolio. In Russia, it wants to have renewable energy capacity of 500 MW. It currently has 85 MW of operational PV capacity in India and an additional 100 MW is estimated to be commissioned in 2017 in Karnataka. In April this year, Fortum switched on a 70 MW PV project in India (see Fortum Commissions 70 MW In India).