Hexa Climate to invest $500 Million in Fortum India Renewables Assets
Hexa Climate Solutions - backed by I Squared Capital - has purchased Fortum's Indian Renewables Portfolio. The company plans to invest $500M to expand their clean energy projects.
Hexa announced on Tuesday that the deal included a 100% stake of Fortum India, a portfolio of 206 MW renewables for commercial and industrial use, a pipeline 600 MW projects ready to build, and Fortum India's 40 member team.
The deal value was not disclosed by the company, which is based in Gurugram (India).
Sanjeev Aggarwal is the founder and executive chair of Hexa. He said that Hexa will invest $500 million total in India and developing countries. I Squared Capital will support the investment, which is a majority shareholder of Hexa, said Aggarwal.
Hexa will invest 100 million dollars to complete Fortum’s solar and wind project in India. Aggarwal stated that the company will invest another $400 million in order to increase its clean energy portfolio from 100 MW to 2.5 GW within two to three more years.
The portfolio is expected to be composed of 65% solar assets, and the remainder wind assets.
The Fortum deal coincides with India's drive to triple its non-fossil energy capacity to 500 GW or more by 2030.
Fortum has now left India. In 2024, it sold 185MW of solar assets as part of its strategic shift towards the Finnish market. Reporting by Yagnoseni das and Sethuraman N in Bengaluru, editing by Sonia Cheema
(source: Reuters)
