Hexa Climate Solutions to acquire Fortum's renewable energy portfolio in India
Mumbai:
Hexa Climate Solutions
, a portfolio company of I Squared Capital, on Wednesday said it has acquired
renewable energy
development portfolio from Fortum, a leading Nordic energy company.
According to the official press release, under the terms of the transaction, Hexa Climate Solutions has acquired a 100 per cent stake in Fortum India, including its 40-member team, its 206 MW commercial and industrial renewable energy portfolio and approximately 600 MW of ready-to-build renewable projects.
It added that the transaction is in line with Fortum's strategy and announcement in 2024 when the company divested the ownership in the 185-MW Indian
solar portfolio
to limit its exposure in India and evaluate alternatives for an exit from the Indian market.
'We are delighted to welcome the talented Fortum India team to Hexa. Together, we are committed to developing high-quality renewable energy and carbon offset solutions for the future. With this acquisition, Hexa Climate reinforces its strong 2.5 GW development pipeline and strengthens its position as a leading
climate-focused platform
,' said Sanjeev Aggarwal, founder and executive chairman, Hexa Climate Solutions.
Peter Strannegård, Executive Vice President, Renewables and Decarbonisation at Fortum Corporation said that India has been an important part of Fortum's international journey, and we are pleased that the Fortum India team and platform have found a new home with Hexa Climate Solutions, a committed renewable energy player.
Hexa Climate Solutions, backed by I Squared Capital, plans to invest approximately $500 million to scale its renewable energy, water, and carbon platforms in India and other emerging markets.
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