Government of Gujarat in India cancels the solar auction results and Fortum's right to build a 250-MW solar plant

FORTUM CORPORATION INVESTOR NEWS 29 JANUARY 2019 AT 16.00 EET

The Government of Gujarat, India has cancelled the results of the 700-megawatt (MW) solar auction held in December 2018, on the grounds that it considered the winning tariffs to be too high. The Government of Gujarat has indicated that there will be a new auction, for which they intend to reduce the solar park charges to operators in order to lower the costs for the bidders and enable lower bids.

On 21 December 2018, Fortum announced that it had won the right to build a 250-MW solar power plant in the auction.

Fortum Corporation

Ingela Ulfves, VP, IR and Financial Communications

Further information:

Ingela Ulfves, VP, IR and Financial Communications, tel. +358 40 515 1531
Rauno Tiihonen, IR Manager, tel. +358 10 453 6150
Måns Holmberg, Manager, IR and Financial Communications, tel. +358 44 518 1518

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. In 2017, our sales were EUR 4.5 billion and 61% of our electricity generation was CO2 free. Fortum's share is listed on Nasdaq Helsinki. www.fortum.com