- After SoftBank, Adani, Foxconn, now Fortum has joined the list of companies reported to be interested in SunEdison’s solar assets in India
- A Reuters report stated Fortum’s official spokesperson, who said it is normal for speculations around the company’s solar plans in India
- Fortum plans to invest €200 to €400 million in solar projects in India
- SunEdison is in deep financial trouble as it actively seeks partners/buyers for its India assets
The US based global renewable energy firm SunEdison Inc. is rumoured to sell a minority stakes in its India owned solar assets to Fortum Corporation. A Reuters article on April 15, 2016, referred to unidentified sources to state that the Finnish energy company is interested in acquiring stakes in SunEdison’s India projects.
However, the official spokesperson for Fortum declined to confirm anything, and said that it will be normal for rumours and speculations around the company’s interest in solar, especially in India. Fortum had recently announced that it plans to invest €200 to €400 million in solar projects in India. It currently has a solar power capacity of 15 MW in India.
The newest foreign entrant in the solar industry of India, Fortum has been making news for bidding real low tariffs for solar projects in the Asian nation and also winning them. In January, it won a 70 MW capacity in the 420 MW state utility National Thermal Power Corporation (NTPC) tender in the state of Rajasthan for the lowest tariff the country has seen, at 4.34 INR ($0.07) per kWh. This month, it announced winning 100 MW of 500 MW tendered in the 2,000 MW capacity Pavagada Solar Park in the state of Karnataka. It happened to be the only foreign winning company in the 500 MW capacity tendered. Fortum won its part for a power price bid at INR 4.79 INR ($0.07) per kWh over 25 years (see NTPC Solar Tender Results).
There are many rumours about SunEdison actively looking to offload its India assets as it reels under deep financial troubles. Adani, Foxconn, SoftBank are some of the names that are believed to be interested in the solar assets. Meanwhile, SunEdison’s subsidiary TerraForm Global has sued the parent company claiming that the latter misled it on the status of its India assets, and using TerraForm money to manage its own finances.
The Reuters article says SunEdison has around 600 MW of projects constructed and financed in India, with plans to build another 1,700 MW in the coming year.