Fortum: Fortum connects 100-MW solar plant to grid in India

FORTUM CORPORATION PRESS RELEASE 14 December 2017

Fortum has now connected a 100-MW solar plant to grid at Pavagada solar park in
the Tumkur District, Karnataka, India. This solar plant more than doubles
Fortum's solar production capacity in India from 85 to 185 MW, being Fortum's
fourth, and so far biggest solar energy project built. 

In April 2016, Fortum won a bid in a reverse auction for 100 MW of the total of
500 MW capacity auctioned. The bid included a fixed tariff of 4.79 INR/kWh for
25 years. Fortum's 100 MW is the first part of the Pavagada solar park that has
reached its full capacity and is connected to the grid. 

"We are excited to be able to connect our fourth solar plant to grid. We look
forward to continue to develop our business and look opportunities to leverage
our knowledge and experience obtained in our projects", says Kari Kautinen, SVP
M&A and Solar and Wind development. 

"I am especially proud that we once again completed our solar project on time
and according to plan", says Sanjay Aggarwal, Managing Director, Fortum India. 

Fortum is targeting a gigawatt-scale solar and wind portfolio as part of
securing its longer-term competitiveness. Based on its strategy, Fortum seeks
to allocate its planned growth capital in the range of EUR 200-400 million in
solar projects in India. In November, Fortum signed an agreement to acquire 35
MW of solar production in Russia. 

Fortum Corporation
Group Communications

Further information:
Joonas Rauramo, VP, Solar & Wind Development, phone [phone]

Read more:
Online news 13 April 2016: Fortum wins bid for 100 MW solar power park in a
reverse auction in Karnataka, India, with a fixed tariff for 25 years 

Fortum
Fortum is a leading clean-energy company that provides its customers with
electricity, heating and cooling as well as smart solutions to improve resource
efficiency. We want to engage our customers and society to join the change for
a cleaner world. We employ some 9,000 professionals in the Nordic and Baltic
countries, Russia, Poland and India, and 62% of our electricity generation is
CO2 free. In 2016, our sales were EUR 3.6 billion. Fortum's share is listed on
Nasdaq Helsinki. www.fortum.com