HEXA Climate Solutions Pvt. I Squared Capital Portfolio Co., Ltd. has acquired the renewable energy development portfolio of Fortum, Finland, India.
Under the terms of the transaction, HEXA Climate Solutions has acquired a 100% stake in Fortum India Pvt. Limited (FIPL), which includes its 40-member team, its 206MW commercial and industrial (C&I) renewable energy portfolio and approximately 600MW of renewable projects that can be built.
HEXA’s statement said that with the support of I Squared Capital, HEXA Climate Solutions plans to invest approximately $500 million to expand its renewable energy, water and carbon platforms in India and other emerging markets.
It said the deal is in line with Fortum’s strategy announced in 2024, when the company divested its ownership in its 185MW India solar portfolio to limit its exposure in the country and evaluate alternatives for export from the Indian market. The core operation and main geographical focus of Fortum is Nordic.
“The acquisition of Fortum India in India marks an important step forward in HEXA’s climate solutions aims to accelerate the clean energy transition in a variety of emerging markets. With this acquisition, HEXA climate strengthens its strong 2.5 GW development pipeline and strengthens its leading climate-centered platform,” said Sanjeeveev Aggarwal, a leading climate-leading climate-centered platform. ”
Peter Strannegård, executive vice president of Fortum, noted that India has been an important part of Fortum’s international journey, Fortum’s executive vice president and decarbonization, said: “We are delighted that the Fortum India team and platform have found a new home that uses Hexa Climate Solutions, a Hexa Climate Solutions that promise a renewable energy player.”
April 25, Mint Finland’s state-run energy utility Fortum OYJ is leaving India’s renewable energy market by selling its platform FIPL to New York-backed HEXA climate solutions.
EY has five bidders during the sale process, including Marubeni Corp. of Japan, AP Moller Capital, Dutch Pension Fund APG and Infrastructure Fund Manager. Ten companies, including large Arcelormittal in steel and mining, have signed an undisclosed agreement (NDA) to be called the Samsara project.
