INDIA SOLAR POWER - FORTUM SOLAR

Promoter – Financial Intermediary

FORTUM SOLAR INDIA PRIVATE LTD

Location

• India

Description

The project will support the development of five photovoltaic (PV) power plants promoted by Fortum India in Karnataka.

Objectives

The PV power plants of 50 MW each will be located in Pavagada solar park, in the Tumkur district. This will contribute to meet the growing electricity demand by emission free power plants. The project applies crystalline silicone PV modules.

Sector(s)

• Energy - Electricity, gas, steam and air conditioning supply

Proposed EIB finance (Approximate amount)

USD 110 million (EUR 99 million)

Total cost (Approximate amount)

USD 190 million (EUR 170 million)

Environmental aspects

The project, if located in the EU, would fall under Annex II of the Environmental Impact Assessment (EIA) Directive 2014/52/EU amending the EIA Directive 2011/92/EU leaving to the competent authority the decision as to whether an EIA is required or not. According to the applicable Indian law, PV power projects do not require an EIA. Under the conditions of the related Framework Loan, the final beneficiary is required to carry out an Environmental and Social Impact Assessment (ESIA) study for the project. A comprehensive ESIA study for the project including an Environmental and Social Management Plan (ESMP) has been produced by an external consultant. It concludes that the project has no significant negative environmental and social impacts after mitigation. There is no resettlement envisaged for the project.

Procurement

The promoter has to ensure that the implementation of the project is done in accordance with EIB's Guide to Procurement.

Status

Approved - 16/12/2019